RT-GLOBAL Resources, a subsidiary of Russian giant Rostecy, and the Chinese Shenhua International have signed a memorandum of understanding regarding prospects of joint development of coal deposits in Siberia and the Far East, as well as the development of related industrial and logistics infrastructure.
The MOU was signed by RT-Global Resources CEO Andrei Korobov and Shenhua International chairman Shao Tzuntze.
The parties intend to work on joint development of the Ogodzhinsky coal deposit located in the Amur region, and on construction of the coal maritime terminal Port Vera in Primorsky region.
On June 4 RT-Global Resources agreed to join the port construction project and act as the project coordinator.
Also, earlier this month RT-Global Resources signed an agreement with the Amur region authorities on cooperation in the integrated development Ogodzhinsky field.
“Rostec’s experience shows that Chinese companies are reliable and professional partners, with whom the most serious and ambitious goals can be achieved,” Korobov said.
“Construction of the Port Vera will contribute to the development of the Far East and the Russian coal industry as well as it will expand Russian coal companies’ access to the markets of the Asia-Pacific region while creating new jobs and increasing tax revenues to the budgets of all levels.”
The Gerbikan-Ogodzhin coal basin is located in the Amur region with the total estimated coal reserves 1.6 billion tonnes.
The estimated investment requirement of the project is $US5 billion ($A5.3 billion).
It is planned to produce 30Mtpa by 2019, which will create more than 8000 jobs and a modern mineral resource cluster in the region.
Construction of Port Vera is planned near Cape Otkytiy in Primorsky region.
It is designed to have a 20Mtpa throughput.
An area of 826 hectares has already been allocated to the project scheduled to begin in 2015.
The port will aim to ensure long-term supply of coal to domestic consumers in the Far East, and to foreign partners in the Pacific region.
