Andrey Komarov acquires controlling stake in Fedorova Tundra PGM project

Press release

Russia’s Federal Antimonopoly Service has approved the transaction allowing Russian businessman Andreу Komarov to join the Fedorova Tundra project. Under the deal, Andrey Komarov acquires a controlling stake in Fedorovo Minerals LLC, which, together with RT-Business Development LLC, owns JSC Fedorovo Resources, the licence holder and operator of the Fedorova Tundra project. The value of the transaction has not been disclosed.

One of Europe’s largest PGM deposits, Fedorova Tundra is located in the Lovozero District of the Murmansk Region. The project will see a new high-tech mining and processing plant built by 2027 to produce and concentrate copper-nickel ore with platinoids. The total investments in the project will exceed RUB 60 bn, with about 1,200 new highly paid jobs created in the region and local suppliers of goods and services engaged as much as possible. In October 2021, Fedorovo Resources, the project operator and licence holder of Fedorova Tundra, was granted the resident status in Russia’s Arctic zone.

The Fedorova Tundra project is currently at the stage of selecting key technological and design solutions. In June 2021, Fedorovo Resources began the Environmental and Social Impact Assessment (ESIA) of the project in compliance with the requirements of international financial institutions (IFIs). The preliminary ESIA has been published at the project website, while the print version is available at Community Liaison Offices opened at the libraries in Lovozero, Revda and Apatity. The comprehensive Environmental and Social Impact Assessment of the Fedorova Tundra PGM project is scheduled for publication in early 2022.

The Company is committed to ensuring full compliance with the Russian laws at every stage of the project and follows the world’s best practices for sustainable management of natural resources and stakeholder engagement.

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