YAKUTSK, January 21. /TASS/. Implementation of the project, targeted at replacing import of tin, to organize tin production in Yakutia’s Arctic zone will require about 4.5 billion rubles ($74 million), the republic’s first deputy minister of industry and geology, Vasily Zakharov told TASS on Saturday.

"The total cost of the project to produce tin in Yakutia’s Ust-Yansky district is 4.5 billion rubles," he said. "The current surveying, feasibility studies, estimation of reserves are to be finalized within the first quarter of 2017, and production should begin from 2018."

The tin project is a key priority for the Northern-Yakutia Backbone Zone, as Yakutia has 37% of the discovered tin deposits in the country (630,000 tons), while Russia produces only 10% tin (about 500 tons a year), and the share of import is 90%. Supplies come from China, Bolivia and Portugal.

Russia’s annual demand in tin is 7,500 tons. Russia’s raw tin base is in 214 deposits with reserves of 1.7 million tons, most of which are in the Far East.

The republic’s authorities say organization of tin production in the backbone zone will mean various tin concentrates’ production will jump to 5,500 tons.