A gold mine in Siberia will be the BRICS first multilateral project. It's being seen as a significant practical move, highlighting how the private and public sectors in member countries can work together. It involves a pre-production investment of 500 million dollars. The money will come from the Sun Group, China National Gold, the Russian Sovereign Investment Fund, and the Far East and Baikal Region Development Fund. CGTN's Angelo Coppola has the details.

The Kluchevskoye project is owned by India's Sun Group. It's an open cast gold mine and production estimates are pegged at around 6.5 tonnes per annum, when it's in full production.

SHIV VIKRAM KHEMKA VICE CHAIRPERSON, SUN GROUP "We are very excited about this grouping, and we are very proud that it's a new model of collaboration. Someone said to me this is BRICS 2.0 and we believe that bringing the complementarity of partners from different parts of the world, public and private, and bringing them in, in a way that it's not about who's leading and who's not leading, it's about being a team, and about putting your weight behind it."

The Sun Group looked at several possibilities before selecting this particular mine.

SHIV VIKRAM KHEMKA VICE CHAIRPERSON, SUN GROUP "It's a brown field. It has significant resources in the ground. We have spent a number of years developing a full feasibility study, it's a low-risk, low-cost producer and it will be built within the next 24 to 36 months and will be a significant boost for the region where the mine is, in Chita in eastern Siberia."

The involvement of this diverse group of investors doesn't stop with the mine. There are other opportunities.

SHIV VIKRAM KHEMKA VICE CHAIRPERSON, SUN GROUP "We said let's bring in some investors from South Africa and Brazil, that have some experience potentially in mining but have an interest in BRICS and with whom we can work on other transactions in these geographies as well. And so we've opened up the equity for them as well."

ANGELO COPPOLA JOHANNESBURG, SOUTH AFRICA "It's been billed as one of the first BRICS public, private sector partnerships and we will know in five years or so whether it's been successful or not. I'm Angelo Coppola for CGTN in JHB, South Africa."