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EastRussia Bulletin: Rostec withdraws from Yakutia field development project - EastRussia | Far East

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EastRussia Bulletin: Rostec withdraws from a project to develop a field in Yakutia

EastRussia Bulletin: Rostec withdraws from a project to develop a field in Yakutia
Photo: EastRussia

Rostec decided to withdraw from the project for the development of the Tomtor rare-earth metals deposit in Yakutia. Its stake was transferred to a company associated with entrepreneur Misevra, a partner of Tomtor’s main shareholder, the ICT group, according to the next published issue of the EastRussia newsletter.

Due to the technological difficulties of development and logistics, the project developed rather slowly - the joint venture was created back in the 2013 of the year, and the partners announced the intention to build a mining and processing complex in the 2016 year. The state corporation (25% plus one share) in the company operating the TriArk Mining deposit was transferred to the Cypriot Zaltama Holding Ltd, which, according to some reports, is connected with the chairman of the board of directors of the Eastern Mining Company (VGK) Misevra.

Rostec’s partner in the Tomtor project, ICT Nesis Group, retains 75% minus one share in TriArk Mining 2. The withdrawal from the Tomtor joint venture at Rostec is officially explained by the completion of the task of preparing for the development of the field - by completing the preparation for the construction of a mining and metallurgical enterprise.

Detailed analytics on this and other relevant topics can be found in EastRussia Weekly Newsletter.