Polymetal may invest in rare earth project to tap electric vehicle demand
MOSCOW – Russia's Polymetal will consider investing in the country's largest rare earth project Tomtor, which is being developed by the gold and silver producer's top shareholder, CEO Vitaly Nesis said on Wednesday.
Polymetal, in which Vitaly's brother and Russian businessman Alexander Nesis holds the largest stake, said in August that it was considering acquiring minority stakes in domestic rare earth minerals projects, tapping into growing demand for commodities used in the production of electric cars.
Polymetal's board of directors will consider investing in the Tomtor in the eastern Siberian region of Yakutia in December, Nesis told reporters on the sidelines of a conference in Moscow.
"We are likely to be talking about a small investment," he said.
Polymetal previously advised on the development of technology for the project, but has said that it has no plans to change its main profile from being one of Russia's largest producers of precious metals.
The world's main reserves of rare-earths, used in the production of a wide range of high-tech goods from mobile phones to electric cars, are currently concentrated in China.
"Tomtor is a world-class deposit," Vitaly Nesis said, adding that the company did not like other rare earth projects it had been looking at.
Alexander Nesis owns 75% of the project, with the remaining 25% held by Cyprus-based Zaltama Holding. Until recently, Zaltama was owned by Russian state conglomerate Rostec. Rostec withdrew from the project in August but did not say who the new owner was.
The project is expected to start production in 2022 and build a plant with capacity of up to 160 000 t/y of ore by 2024.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
