MOSCOW, April 11. /TASS/. Investments in the project to develop the Baimskaya ore zone amount to about 1 trillion rubles ($12 billion). More than 260 billion rubles ($3 billion) were invested in the past five years, the Baimskaya Management Company's CEO Georgy Fotin said at the forum Mining Industry: Investment Projects and Support Measures.

"The project's cost today is about 1 trillion rubles, and over five years we have invested more than 260 billion rubles," he said.

Baimskaya Management will be the first company in the country's copper industry to use the direct flotation technology, and it will use fully unmanned mining equipment, he added.

The Baimsky mining and processing plant's first stage is due to be commissioned in 2029 (35 million tons of ore a year), the second stage - in 2030 (70 million tons of ore a year). The project will ensure an increase in Russia's copper production by 25%, and in gold production - by 4%.

The project is of great importance for the long-term socio-economic development of the Chukotka Autonomous Region, the Arctic, the Northern Sea Route and the entire country. Chukotka's gross regional product will grow by 100%, and the region would not require federal subsidies any longer.

TASS is the forum's information partner.