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Norilsk Nickel, Russian Platinum ready to invest $3.8 bln in Arctic Palladium project

The project will create about 8,000 jobs in the north of the region

ST.PETERSBURG, April 10. /TASS/. Norilsk Nickel and Russian Platinum may invest more than 250 bln rubles ($3.8 bln) in the Arctic Palladium project, Vice-President of Norilsk Nickel Dmitry Pristanskov told TASS on the sidelines of the International Arctic Forum in St. Petersburg.

According to him, the project involves the development of several platinum-group metal deposits on Taimyr Peninsula (north of the Krasnoyarsk Territory) and investments arte to be made before 2033.

In February 2018, Norilsk Nickel and businessman Musa Bazhaev’s Russian Platinum signed an agreement on strategic partnership, involving the creation of a joint venture for the further development of ore deposits of the Norilsk industrial region. The Arctic Palladium joint venture was registered in the summer of 2018, the contribution of Norilsk Nickel to the JV authorized capital was the license to develop the Maslovskoye deposit, contribution of Russian Platinum was the license to develop the southern part of the Norilsk-1 deposit and the Chernogorskoye deposit. The company owns the joint venture on parity basis.

"Together with the Russian Platinum company, we launched one of the world’s largest projects for the development of the platinum group of metals - the Arctic Palladium project. It is now at the stage of making an investment decision. By 2033, estimated capital investment will be more than 250 billion rubles," Pristanskov said.

According to him, the mining capacity of 16 mln tonnes of ore per year will be built, the necessary infrastructure will be created. The project will create about 8,000 jobs in the north of the region, the vice-president added.

About companies

Norilsk Nickel is a Russian diversified mining and metals company, the world’s largest producer of nickel and palladium and the major producer of platinum, cobalt, copper, and rhodium. The company also produces gold, silver, iridium, osmium, selenium, ruthenium, and tellurium. Producing facilities of the group are located in Russia, Finland, and South Africa.

Russian Platinum is one of the leading Platinum Group Metal (PGM) producers in the world. All our assets are in Russia and include Kondyor mine (Khabarovsk Krai), Chernogorskoye deposit and Southern part of Norilsk-1 deposit (Krasnoyarsk Territory).

About the forum

On April 9-10, 2019, St. Petersburg hosts the International Arctic Forum - Arctic: Territory of Dialogue. This is a key platform for discussing the Arctic region’s problems and development at the international level. The event was held for the first time in 2010. TASS is the forum’s general information partner.