28 Jun 2012 Last updated at 09:55:27 GMT
Abramovich and BHP billiton to explore Gold deposits in Russia
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MOSCOW(Scrap Monster): Roman Abramovich, a billionaire from Russia, and BHP Billiton, Anglo- Austrian Mining giant are on discussions in taking over a joint project to develop the gold rich area of Baimsk block in East Russia.
The estimated reserves of the Peschanka deposit total 27 million tons of copper and 1,600 tons of gold.
BHP is expected to have a 75% stake in the project, while Millhouse the owner of the area will get the rest.
Both the companies are expected to get into the deal by the end of this year, says media sources, although they may face problems with infrastructure and energy supply in the region.
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