VTB, VEB Financing Russian Platinum Projects

Russian banks VTB and VEB announced in a statement on Thursday that they will give finance to Russian Platinum, which is supported by entrepreneur Musa Bazhaev, for the development of the Chernogorskoye platinum group metals deposit in Siberia.

According to Kremlin spokesperson Dmitry Peskov, the total investment in the project is anticipated to be 570 billion rubles ($7.8 billion), Reuters reports.

Russian Platinum and Nornickel are working on the project together, and Nornickel, which is the world’s largest palladium producer, will build infrastructure around the deposit and handle the sale of metals produced there.

VTB and VEB stated in a statement that the first stage of the project, the building of a mine with an annual capacity of 7 million tons of ore, will cost 190 billion rubles ($2.6 billion).