A consortium, which includes state-run Rostec, is working on papers to begin development of the Fedorova Tundra deposit of palladium and platinum in the Murmansk Region, Governor Andrei Chibis told local legislators in the report on the government’s performance in 2019, TASS reported.
Fedorova Tundra is one of Russia’s biggest deposits of palladium and platinum, according to the Ministry for Development of the Far East and Arctic.
“The consortium, including Rostec, has been working on the required documents,” the governor added.
The corporation confirmed its participation in the project.
“Rostec’s affiliate RT-Business Development has bought jointly with investor Oleg Seleznev from Barrick Gold a license on the Fedorova Tundra deposit of platinum and palladium,” RT-Business Development said. Ore production is due to begin in six to seven years; the estimated reserves of platinum are more than 65 tonnes, and of palladium — more than 280 tonnes, the company added.
The Fedorova Tundra deposit is in the center of the Kola Peninsula. It was discovered in the late 1990s – early 2000s. Investments in the project are estimated at 55-60 billion rubles, where the payback period is at least 14 years, the Ministry for Development of the Far East and Arctic said.