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Polar Lithium joint venture increasing to $29 mln

Norilsk Nickel and Rosatom continue holding 50% each in the joint venture as before the additional capitalization

MOSCOW, January 17. /TASS/. The authorized capital of the Polar Lithium, a joint venture of Norilsk Nickel and Rosatom, was increased to 2.6 bln rubles ($29 mln), according to data of the United State Register of Legal Entities.

Appropriate amendments were entered into the register on December 27, 2023.

Norilsk Nickel and Rosatom continue holding 50% each in the joint venture as before the additional capitalization.

Polar Lithium was granted the right to develop Kolmozerskoe Field, the largest lithium deposit in Russia, according to results of an auction. The deposit discovered in 1947 is the most promising in Russia and contains beryllium, niobium and tantalum in addition to lithium. It is located in the Murmansk Region.

The deposit development plans provides for lithium carbonate and hydroxide production totaling 45,000 metric tons per year. The design capacity is scheduled to be reached in 2030.

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