It is reported that Metalloinvest and the Russian Subsoil Agency signed the license agreement to develop Udokan copper deposit. The signed agreement is sent to the Russian geological fund Rosgeolfond for registration.

According to the regulatory documents the full payment for the license must be accomplished within 30 days after registration. Metalloinvest Holding company top-management decided to start payments right after registration of the license agreement in Rosgeolfond.

In the course of negotiations between Metalloinvest and Rosnedra the parties reached an agreement about changes in the terms of the license agreement taking into consideration the interests of the government and the investor.