GDK Baimskaya Included in OFAC’s SDN List Amidst Preparation for Major Mining Project

GDK Baimskaya, set to develop a substantial gold and copper deposit in Chukotka, has been added to the Specially Designated Nationals (SDN) List by the Office of Foreign Assets Control (OFAC). The company, holding a mining license for the Baimskaya area, including the Peschanka copper porphyry ore deposit, faces significant regulatory scrutiny.

Initially acquired by Kazakhstan's KAZ Minerals in 2018 from Aristus Holdings, owned by Roman Abramovich and Alexander Abramov, for $900 million in cash and shares, GDK Baimskaya was subsequently taken over by Trianon Limited in July 2023. Trianon is linked to major shareholders Vladimir Kim and Oleg Novachuk of KAZ Minerals, which reported its withdrawal from Russian operations following the transaction.

The Baimskoe project, with a planned capital expenditure of approximately $8.5 billion, aims for an ore processing capacity of 70 million tons per year. It is expected to produce an average of 300,000 tons of copper and 490,000 ounces of gold annually over its first ten years. However, the launch of the Baimsky GOK and its accompanying floating nuclear power plant, crucial for energy supply, has been delayed to 2028.