The Kingashsky project is located in the Krasnoyarsk region which serves as a major metal processing centre with abundant hydroelectric power and developed infrastructure including rail androad transportation. At Kingash Intergeo MMC has two mining and exploration licenses totalling over 275 square kilometres.An initial scoping study completed in 2011 estimated initial capital costs at US$2.7 billion with a total sustaining capital of US$770 million over the 25 year mine life. Wood Mackenzie estimates that initial capital costs will be far in excess of this assuming a fully integrated facility to smelt and refine to final products. Our current estimate is US$5.5 billion but even this is likely to prove conservative. Wood Mackenzie has assumed that the project will not start producing until at least 2027.