The Udokan mining and metallurgical complex in Trans-Baikal Territory has begun the first stage of commissioning for the processing plant, a project supported by Sberbank. The initial startup was conducted with the highest level of state involvement, as Russian President Vladimir Putin observed via video conference from the site in Vladivostok during the Eastern Economic Forum. This marks a significant milestone for the flagship copper project that aims to sharpen Russia’s position in global metals markets.
With the new equipment in operation, the plant has already produced its first copper concentrate, demonstrating tangible progress toward full-scale production. Sberbank reports that the development sits within the priority social and economic development area known as Transbaikalia and comes with an investment envelope exceeding 230 billion rubles. The facility is designed to ramp up to processing 15 million tons of ore annually and to yield roughly 150 thousand tons of copper metal per year once fully operational.
Alexander Vedyakhin, First Deputy Chairman of the Board of Directors at Sberbank, noted that the project began in 2019, when Sberbank joined forces with VEB.RF and other partners to fund a modern, high-tech operation for copper ore extraction and processing. The Udokan deposit, already recognized as the largest copper reserve in Russia, lies at the heart of this ambitious initiative in Transbaikalia.
Vedyakhin emphasized the project’s strategic importance to the region, underscoring its potential to catalyze broad socio-economic growth. The commissioning of the plant is expected to create jobs with competitive wages and to raise the living standards of local residents as the project moves toward full production. The narrative around this development has been focused on long-term economic resilience for the region, rather than a short-term gain. This aligns with broader goals of regional modernization and diversified export potential.
Looking ahead, the plan includes a second-phase startup slated for 2028. When brought online, the expanded mining and metallurgical complex is projected to boost efficiency by more than threefold. The outcome would position Udokan among the world’s top copper producers, reinforcing Russia’s role in global supply chains while contributing to energy and metal-intensive industry sectors across the country.
For Sber, the project embodies more than financing. It encompasses a framework of practical support and expertise designed to elevate regional living standards, generate employment, and drive sustainable economic growth. The bank’s leadership stresses that it stands ready to assist with large-scale initiatives of national importance, leveraging its financial resources and analytical capabilities to advance development outcomes across the country, including the Trans-Baikal region, where the project’s footprint is most pronounced.