Russian Platinum to invest up to $8 billion in development of one of Russia’s largest nickel and copper fields

Musa Bazhaev. Photo: 1obl

Russian Platinum, one of Russia’s leading mining companies, owned by Musa Bazhaev has reached an agreement with leading Russian financial institutions VEB.RF and VTB to fund a project for the development of the Chernogorskoye field with the planned volume of investment more than RUB 570 billion (US$7,8 billion).

The project may involve participation of another Russian mining giant Norilsk Nickel, which may provide the necessary infrastructure for implementation of the project.

The Chernogorskoye field is located 15 km southeast of Norilsk. Ore reserves are estimated at 131 million tons with an average grade of 0.25% nickel, 0.20% copper, platinum group metals and 3.19 g per ton in the case of gold. The project also involves building a large-scale mining and processing complex on the basis of the field with a processing capacity of 7 million tons of ore per year. According to analysts’ estimates, payback period for such a large-scale project could be more than 15 years.

According to Bazhaev, the full launch of the Chernogorsk field is planned until 2024, while the second stage until 2030.

 

By: Eugen Gerden