Basel in Talks with Lunsin to Mine Tuva Metals Deposit
28 August 2008

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Interfax recently cited Mr Andrei Plugar deputy general director of BasEl as saying that Oleg Deripaska's Basic Element held negotiations with OOO Lunsin a subsidiary of China's Zijin Mining Group and Heilongjiang Longxing International Resource Development Group on the joint development of the Kyzyl Tashtyg zinc and lead deposit the internal Russian republic of Tuva.
Mr Plugar said that "The negotiations are at a preliminary stage and will be continued soon. He said that the Chinese company is interested in a partnership with Basel because the Russian company will build a combined heat and power plant near the deposit under a Tuva government resolution signed in May.”
The plant with projected capacity of 240 MW to 360 MW will be fuelled by coal from the Kaa-Khem open pit mine in which Basel intends to become a strategic investor.
Mr Plugar said BasEl is also planning other projects in Tuva. The company is in talks with the regional government to build a hotel in Kyzyl and to participate in the management of the regional capital's airport.

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