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Investments in polar Afrikanda deposit estimated at $245 million

The Ministry for Development of the Far East and Arctic says the deposit’s central area will be home to a chemical-metallurgical plant to produce rare and rare-earth metals and titanium dioxide, which Russia imports now

MURMANSK, June 30. /TASS/. Development of the Afrikanda deposit in the Murmansk Region will offer 450 jobs and will attract 17.4 billion rubles ($245 million) in investments, the region’s Governor Andrei Chibis said in an annual report. TASS has a copy of this report.

Experts say the Afrikanda deposit is Russia’s most promising deposit of titanium.

"We have announced an auction for exploration and development of the Afrikanda deposit’s central area, as well as for geological studies. <…> Investments are estimated at 17.4 billion rubles, and [we expect] 450 jobs," the document reads.

According to the report, the deposit is located next to a military infrastructure facility, which posed a problem. "We have agreed with the Defense Ministry on holding an auction for the right to use the Afrikanda deposit’s central area," the report says.

The Ministry for Development of the Far East and Arctic says the deposit’s central area will be home to a chemical-metallurgical plant to produce rare and rare-earth metals and titanium dioxide, which Russia imports now. Russia may become a leader in the production of high-grade materials for its hi-tech companies and for the global hi-tech industry.

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