Cross Holding, investment vehicle of Vladislav Sviblov, and Amurmed, explorer of the Ikan copper-porphyry deposit in Russia’s Amur region, have confirmed a change of ownership that could give the buyer a preferential route to a mining licence over a deposit holding 635,500 tonnes of copper and 79.5 tonnes of gold. The August 25 transfer was recorded in the corporate registry; authorities say Amurmed has applied for subsoil use and is updating documentation after its 2019 search licence expired. Eight to twelve months of licensing work are typical before any auction is contemplated.
What the acquisition actually buys
Sviblov’s office said Amurmed was purchased in a broader deal with private sellers in which Sakhtakhan and Zeyskaya Mining Company were the principal assets, and no development decision has been taken on Ikan. Analysts described Amurmed as “a key to the auction,” arguing its value lies in brand, groundwork and rights to participate. One estimate put that at “several hundred million rubles”—for reference, ₽300–500 million is roughly $3.7–$6.2 million at today’s rate (≈₽80.5 per $1).
Licensing path and legal context
Under Russia’s Law “On Subsoil,” the discoverer of a deposit may be granted a combined exploration-and-production licence without a tender, provided reserves are duly recorded on the state balance. For deposits of federal significance—such as Ikan, which meets the threshold via gold content—the right is exercised by government decision. The Natural Resources Ministry said Amurmed has filed for the right of use and that no auction preparations are under way; an auction could follow only if the government declines to grant the plot on discoverer grounds.
Capex, timetable and project scale
Ikan’s geology includes copper with gold, plus silver and molybdenum. Experts caution the project would demand heavy up-front spending and a long ramp: Oleg Abelev at Ricom-Trust estimates $50–$100 million for exploration and preparation over three to five years and $2.0–$2.5 billion to build a concentrator and associated infrastructure over five to seven years. He suggests a 10-year span from licence award to design capacity could be realistic.
Market impact and pricing
Policy and supply headlines in Chile and Russia have kept copper volatile through August. LME three-month copper has been trading around $9,800 per tonne this week, while COMEX sits near $4.45/lb. JPMorgan sees fourth-quarter prices around $9,500/t, per a market note cited alongside the Ikan report. Any eventual output from Ikan would be years away and unlikely to alter medium-term balances, but the project adds optionality to Russia’s Far East copper pipeline.
Company Background and Market Context
Highland Gold, Sviblov’s main asset within Cross Holding, is a top-tier Russian gold producer assembled via acquisitions across Kamchatka, Chukotka and Trans-Baikal. In 2022 Sviblov acquired the Russian portfolio of Kinross Gold and later sold the Chulbatkan project to Polyus, underscoring an active M&A approach to rebalancing the group’s asset base. The Amurmed purchase extends that strategy into copper.
Copper’s economic role spans grid expansion, EVs and data-center power systems. Prices hovered near $9,800/t on Aug. 26–27 amid shifting supply expectations and tariff noise; thin visible inventories amplify spot-market swings when disruptions hit. Against that backdrop, the Kommersant article also flagged a $9,500/t Q4 view from JPMorgan, consistent with a market still tight by historical standards despite recent corrections.
