Fedorovo Resources, the company that runs an ambitious project to develop the Fedorova Tundra PGM deposit in the Murmansk Region, has been granted the resident status in Russia’s Arctic zone. In partnership with the Russian Far East and Arctic Development Corporation, Fedorovo Resources will built a modern mining and processing plant in the Arctic’s Kola Region to produce 90–250 kt of PGM containing concentrate.
The Company plans to invest a total of RUB 60 bn in the project, creating about 1,200 new highly paid jobs in the region and engaging as much as possible local suppliers of goods and services. Fedorova Tundra is expected to increase the Kola Region’s GRP by 1,1% annually, contributing about RUB 450 bn in total added value between 2021 and 2045.
Fedorovo Resources is the project operator and licence holder of the deposit. The Company is committed to utilising the best available techniques while implementing the project to increase production efficiency and minimise the environmental footprint. Currently, we are conducting additional geological surveys to update the reserves estimates as part of the feasibility study of permanent exploratory standards, and designing infrastructure facilities. Apart from that, we have started the environmental and social impact assessment of the project in compliance with the standards of international financial institutions (IFIs). According to the project timeline, the new mining and processing facility is expected to come on stream in 2027. The plant is projected to contribute about RUB 7 bn in tax revenues to the Murmansk Region over the first decade of its operation.
According to the Far East and Arctic Development Corporation, 245 agreements have been signed with residents of Russia’s Arctic zone, with a total of RUB 317+ bn in committed investments. The agreements provide for the creation of 10,900 jobs. To become an Arctic zone resident, companies need to file an application at the Arctic Russia portal.
Link to the original source: https://minvr.gov.ru/press-center/news/32615/