CNEEC to Develop IRC Kimkanskoye and Sutarskoye Deposits

8 December 2010 (Last Updated December 8th, 2010 18:30)

IRC Group has awarded a $400m engineering, procurement and construction (EPC) contract to Chinese contractor CNEEC. Under the contract, CNEEC will develop IRC's Kimkanskoye and Sutarskoye iron ore deposits, located close to the Trans-Siberian railway and the Chinese border. CNEEC

IRC Group has awarded a $400m engineering, procurement and construction (EPC) contract to Chinese contractor CNEEC.

Under the contract, CNEEC will develop IRC's Kimkanskoye and Sutarskoye iron ore deposits, located close to the Trans-Siberian railway and the Chinese border.

CNEEC will act as an EPC contractor for the design and construction of stage 1 of the project, including a processing plant that will produce iron ore concentrate.

The EPC contract is conditional upon the entry into definitive documentation by the IRC Group and ICBC in respect of a project finance facility of $340m.