Mining giant SilverMine, a unit of the Russian state-controlled firm Rosneft, has announced a huge project to mine silver from the vast mine in the bay of Bay of Bengal in north-eastern India.
The project, the largest copper mine in South East Asia, will create over 6,000 jobs and will be the biggest investment in India in decades.
SilverMine, which is owned by Rosneftegaz state-owned Rosnefts subsidiary, said it will mine silver ore at a rate of 20-35 tons per day from its Bay of Bangar in the state of Bengal.
“We are very excited to announce that we have secured a large-scale copper mine project to be opened up in Bay of Bikaner, one of the most precious resources in the world.
We will be constructing an extensive and sophisticated copper mining complex on a scale that will enable us to achieve the ultimate objective of developing a copper mine to produce up to 200 tonnes of copper a day,” said Rosneffy, in a statement.
The project, dubbed Bay of Black Rock, is expected to bring employment to over 400,000 people and will provide an investment of nearly 1.2 billion euros ($1.9 billion).
“The new project is a huge boost for the entire country and we are sure it will create a massive boom in the local economy,” said the chairman of the mining company, Aleksey Shvartsyan.
Rosneft has been active in the mining industry for decades and in the late 1990s the company was one of a few to invest in the Bay of Bangalore.
Earlier this year, Rosnefs project to develop a 1.5 billion euro (about $1.8 billion) copper mine for the mining of copper ore in Karnataka, which has a copper content of about 7.2 per cent, led to the closure of the project.
This year, the company has started to drill and excavate copper ore from the Bay, which will be used in its project.
The mine is expected at a completion date of 2019.
According to Rosnefdts website, it is also planning to develop the Copper-Olivine and Copper Ore Mines of Bay, to provide a new industrial base for the region and boost economic activity.
“Bay of Bengal is the world’s richest copper deposit and its resources are worth about $2 trillion,” Rosnefgaz state chairman of Rosnebts state government Nikolai Filippov said.
Gold in India Silver mines in the region are extremely important and are also important for the country as gold is the country’s most popular investment.
In India, the Gold Mining Association (GMA), which has more than 10 million members, is the largest gold miner in the country.
In 2012, it estimated that about 5,000 tonnes of gold were mined in the area.