Russia’s Polymetal may invest in rare earth project to tap electric vehicle demand
Russia’s Polymetal will consider investing in the country’s largest rare earth project Tomtor, which is being developed by the gold and silver producer’s top shareholder, chief executive Vitaly Nesis said on Wednesday.
Polymetal, in which Vitaly’s brother and Russian businessman Alexander Nesis holds the largest stake, said in August that it was considering acquiring minority stakes in domestic rare earth minerals projects, tapping into growing demand for commodities used in the production of electric cars.
Polymetal’s board of directors will consider investing in the Tomtor in the eastern Siberian region of Yakutia in December, Vitaly Nesis, Polymetal’s CEO, told reporters on the sidelines of a conference in Moscow.
The world’s main reserves of rare-earths, used in the production of a wide range of high-tech goods from mobile phones to electric cars, are currently concentrated in China
“We are likely to be talking about a small investment,” he said.
Polymetal previously advised on the development of technology for the project, but has said that it has no plans to change its main profile from being one of Russia’s largest producers of precious metals.
The world’s main reserves of rare-earths, used in the production of a wide range of high-tech goods from mobile phones to electric cars, are currently concentrated in China.
“Tomtor is a world-class deposit,” Vitaly Nesis said, adding that the company did not like other rare earth projects it had been looking at.
Alexander Nesis owns 75% of the project, with the remaining 25% held by Cyprus-based Zaltama Holding Ltd. Until recently, Zaltama was owned by Russian state conglomerate Rostec. Rostec withdrew from the project in August but did not say who the new owner was.
The project is expected to start production in 2022 and build a plant with capacity of up to 160,000 tonnes of ore per year by 2024.
source: Mining.com
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
