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Krasnoyarsk governor: implementation of Yenisei Siberia investment projects due in 2020

The Yenisei Siberia complex investment project comprises 32 projects with total investments of about $31 billion

KRASNOYARSK, November 15. /TASS/. Implementation the Yenisei Siberia's five big projects will begin in 2020, the Krasnoyarsk Region’s Governor Alexander Uss told reporters.

The Yenisei Siberia complex investment project comprises 32 projects with total investments of about two trillion rubles ($31 billion). They will be implemented in the Krasnoyarsk Region, Khakassia and Tuva.

"We plan that in the first quarter of 2020 we shall adopt respective laws on the regional investment projects, and works will begin within the following six months at least on five major projects, such as Medvezhyi Ruchey, Arctic Palladium and Polyus Gold in the Krasnoyarsk Region’s northern part," the governor said.

Arctic Palladium was established in 2018 as a joint venture of Norilsk Nickel and Russian Platinum for further development of interspersed ore deposits in the Norilsk Industrial District. Norilsk Nickel's contribution to the joint venture’s charter capital was a license to develop the Maslovskoye field. Russian Platinum's contribution was a license to develop the southern part of the Norilsk-1 field and the Chernogorsk deposit. The companies own equal shares in the joint venture — 50% each.

The Medvezhyi Ruchey open pit mine is a part of Nornickel’s South Cluster. According to Nornickel, the South Cluster is a mining project aiming at the development of the Northern part of the Norilsk-1 deposit, the ore body that originated Norilsk Nickel.

The first ore at the Medvezhyi Ruchey open pit mine will be produced in 2021, and in 2024 the total production will make about six million tonnes. Once the ore mining capacity is reached, it will be a leading global producer of platinum metals.

Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of refined nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium. The company’s units are located at the Norilsk Industrial District, on the Kola Peninsula and Chita region in Russia as well as in Finland and South Africa.

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