Russia says China’s Zijin agrees to keep Siberian zinc mine open
me-metals: Russia’s Tuva region said it has agreed with Zijin Mining Group to keep the Kyzyl-Tashtyg zinc mine working after sanctions prompted the Chinese company to weigh suspending operations.
According to me-metals cited from mining.com, Zijin’s Russian unit, which operates the Siberian zinc deposit, will cancel its earlier order to halt the mine from June following a meeting between local authorities and Chinese company’s president Zou Laichang, according to a statement from Tuva governor Vladislav Khovalyg published Monday.
Earlier this month, Tuva’s government said Zijin was considering a suspension because the mine faced financial difficulties due to a “significant expansion of sanctions” and Chinese banks’ refusal to work with Russian lenders. The sanctions, imposed after the Kremlin sent troops to Ukraine in 2022, have led to increasing cross-border payment difficulties, highlighting the problems faced by foreign investors in Russia.
Zijin didn’t respond to multiple requests for comment, since the first report of the mine’s possible suspension.
The Chinese firm has invested more than 17 billion rubles ($210 million) developing Kyzyl-Tashtyg over the past decade, according to Russia’s Interfax wire. In 2024, the mine produced 71,300 tons of zinc in concentrate and 4,700 tons of lead in concentrate, according to Zijin.
The mine employs over 1,200 people, according to Tuva’s governor.
source: mining.com
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