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Polymetal May Invest in Rare Earth Project Tomtor

Metal News - Published on Tue, 15 Oct 2019

Image Source: mining.com
Reuters reported that Russia's Polymetal will consider investing in the country's largest rare earth project Tomtor, which is being developed by the gold and silver producer's top shareholder. Polymetal, in which Vitaly's brother and Russian businessman Alexander Nesis holds the largest stake, said in August that it was considering acquiring minority stakes in domestic rare earth minerals projects, tapping into growing demand for commodities used in the production of electric cars.

Polymetal's board of directors will consider investing in the Tomtor in the eastern Siberian region of Yakutia in December, Mr Vitaly Nesis, Polymetal's CEO, told reporters on the sidelines of a conference in Moscow. He said that "We are likely to be talking about a small investment.”

Polymetal previously advised on the development of technology for the project, but has said that it has no plans to change its main profile from being one of Russia's largest producers of precious metals.

The world's main reserves of rare-earths, used in the production of a wide range of high-tech goods from mobile phones to electric cars, are currently concentrated in China.

Source :

Posted By : Rabi Wangkhem on Tue, 15 Oct 2019
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