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Russia’s Rostec, ICT Group to develop Tomtor rare metals field

May 28, 2014, 11:44 UTC+3 MOSCOW
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MOSCOW, May 28. /ITAR-TASS/. Russian state-owned industrial corporation Rostec and investment and industrial ICT Group have won a tender to develop the Tomtor rare earth metals deposit (the Buranny field) in the republic of Sakha (Yakutia), a source close to the tender procedure said late Tuesday.

Rostec confirmed the information, but declined to give further details.

In February, Prime Minister Dmitry Medvedev signed a ruling to hold a tender for a development license for the Tomtor field, one of the world’s largest rare earth metals fields, with the starting price set at 956.975 million rubles ($27.8 million).

TriArkMining, a joint venture of Rostec and ICT Group, owned by businessman Alexander Nesis, will develop the 12.4-square-meter field, whose projected reserves amount to 154 million tonnes of ore.

Rostec and ICT Group set up the joint venture earlier to produce rare earth metals from thorium containing concentrates in the Sverdlovsk Region. The companies agreed to invest $1 billion in the production of rare earth metals until 2018.

The state program for the development of rare earth metals is estimated at 145 billion rubles ($4.2 billion) until 2020, with only 23.5 billion rubles ($682.6 million) to be provided from the budget.

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