AKIPRESS.COM - The Zes Erdeniin Huvi JSC of Mongolia plans to establish a copper plant which will use oxidized copper ore from the Erdenet Ovoo deposit, reports News.mn.

Construction works are expected to start in May 2016 already. The plant's annual designed capacity is 5,000 tons of cathode copper. Total project investment will be US$45 million.

The Germany's Ferrostaal Group has been appointed the general contractor of the project, while the Finland’s Outotec will be responsible for equipment procurement.

The copper plant is planned to recoup the investment within 4 years following the launch. It will provide a total of 140,000 new jobs. Tax revenue will annually make around 7.084 billion (around $3.47 million) togrog.