Chinese company China National Gold will invest about $420 million in the development of the Klyuchevskoye gold deposit in Russia, another $65 million will be invested by India's SUN Gold, the annual production volume is expected at about 6.5 metric tons of gold per year, the Russian Industry and Trade Ministry said.
According to the ministry, during the meeting of the Russian-Chinese subcommittee on industrial cooperation, the Chinese company China National Gold and JSC West Keys signed contract documents for the transition to the practical implementation of the Klyuchevskoye gold deposit development project.
"The implementation of the project involves attracting Chinese investments of about $420 million. India's SUN Gold plans to invest an additional $65 million in the project," the ministry said in a statement.
"An annual output of about 6.5 metric tons of gold per year will give a powerful impetus to the development of the economy of the Zabaikalsky Territory [in Russia's south-east Siberia] and will increase the total extraction of precious metals in the region by 40percent by 2020," the statement cited Industry and Trade Minister Denis Manturov as saying.
Previously, head of the Russian Direct Investment Fund Kirill Dmitriev said that the fund was intending to start using national currencies in its transactions with China in 2019, saying it had launched a regional fund in Chinese yuans jointly with the Heilongjiang province.