"The satellite will be launched in the fourth quarter of 2013," head of the country's State Space Agency Yury Alexeyev said, adding that the pay-off period of the satellite was between seven to eight years.
The project, which has cost $292 million, is financed with a 10-year loan from Canada, Alexeyev said. He said that the satellite was being mounted in Russia's southern city of Krasnoyarsk.
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