Fluor Corporation (NYSE: FLR) announced today that it was awarded an initial contract by Baikal Mining Company (as part of METALLOINVEST) for the definition phase of the Udokan copper deposit development project in Russia. Fluor booked the undisclosed contract amount in the third quarter of 2012.
Baikal Mining Company commenced work on the definition phase study with Fluor Canada Ltd and it is expected to continue through the remainder of 2012. The start of feasibility study services is anticipated for first quarter 2013 and last for approximately 12 months. The work is being executed from Fluor’s Vancouver, Canada office with support from the Farnborough, United Kingdom and Moscow, Russia offices.
“This is a strategic win for Fluor in this key region,” said Rick Koumouris, senior vice president and Fluor’s Mining & Metals business line lead. “We are glad that our customer recognized the value of our diverse global mining experience as well as our world class safety culture that will help them accomplish this project.”
During the definition phase, Fluor will develop and perform a metallurgical test work program, and will implement the trade-off studies required to prepare design criteria and scopes of work for the subsequent stages of the international feasibility study for the Udokan copper project.The Udokan deposit, situated in the Kalarsky Area of Russia’s Zabaikalye Region, is one of the largest undeveloped copper deposits in the world. Baikal Mining Company was established in 2008 specifically for the implementation of the Udokan copper deposit development project. Alisher Usmanov’s USM STEEL & MINING Company which owns 50 percent of the shares is the major shareholder in METALLOINVEST Company. Other major shareholders are Vladimir Skoch’s Seropaem Holdings as well as VTB Bank which own 30 percent and 20 percent of the shares, respectively. About Fluor Corporation Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Founded in 1912, the company was started by John Simon Fluor Sr. with a modest investment of $100. Since those humble beginnings, the company has grown into one of the largest engineering & construction companies in the world. Fluor is celebrating its 100 th anniversary during 2012. Today, through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $23.4 billion in 2011. For more information, visit www.fluor100.com and www.fluor.com.