RIA Novosti reported that Lunsin a subsidiary of China Zijin Mining Group will invest RUB 9 billion in development of a major polymetallic ore deposit in the southern Siberian Republic of Tyva.

Lunsin is currently completing the largest ore dressing and processing plant in Tyva which is expected to go into operation in 2012, create over 770 jobs and yield at least RUB 1 billion in annual tax revenues for the regional budget.

The Kyzyl-Tashtyg polymetallic ore deposit is located 120 kilometers northeast of Kyzyl, the capital of Tyva. The deposit's reserves are estimated at 12.9 million tonnes including 2 million tons of copper ores and 6.2 million tons of pyrite ores.

In 2009, Lunsin and the government of Tyva signed a private-public partnership agreement, under which the Chinese company undertook to provide 50% of jobs for the local population and finance local infrastructure and social facility construction projects.

(Sourced from RIA Novosti)