Russian Copper suspends Outotec contract
- Publishing Date
- 26 Nov 2008 7:52pm GMT
- Author
- Mining Magazine
Outotec has announced that the Russian Copper Company has made the
decision to suspend its Miheevsky porphyry copper operation due to
difficulties in arranging financing for the project.
Outotec were due to supply concentrator technology for the Miheevsky project worth over EUR 175 million, as reported in the October issue of Mining Magazine. The order was intended to be booked in Outotec`s order backlog gradually, along with the delivery of each lot, earning the company approximately EUR 30 million during the fourth quarter of 2008.
Russian Copper Company expect to resume the contract when external project funding is available. The parties have currently agreed to suspend the project for an undetermined period of time. Outotec believe that the suspension will not affect their outlook for 2008.
Outotec were due to supply concentrator technology for the Miheevsky project worth over EUR 175 million, as reported in the October issue of Mining Magazine. The order was intended to be booked in Outotec`s order backlog gradually, along with the delivery of each lot, earning the company approximately EUR 30 million during the fourth quarter of 2008.
Russian Copper Company expect to resume the contract when external project funding is available. The parties have currently agreed to suspend the project for an undetermined period of time. Outotec believe that the suspension will not affect their outlook for 2008.
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