Russian Platinum, VEB.RF and VTB signed a memorandum of intent to organize project financing for the development of the Chernogorsk deposit of non-ferrous and precious metals in the Krasnoyarsk Territory. The signing took place on the sidelines of the St. Petersburg Economic Forum with the participation of Russian President Vladimir Putin via video link, and the heads of Russian Platinum Musa Bazhaev, VTB Andrey Kostin and VEB.RF Igor Shuvalov.
Presidential press secretary Dmitry Peskov, announcing the signing, said that total investment in the project should amount to up to 570 billion rubles.
The Chernogorskoye field is located 15 km southeast of Norilsk. Ore reserves amount to 131 million tons with an average grade of 0.25% nickel, 0.20% copper, platinum group metals and gold – 3.19 grams per ton. Mining in the eastern part will be carried out in an open pit. Subsequent underground development of the western part of the deposit is not ruled out. It is planned to build an enrichment plant at the Chernogorskaya site, as well as a metallurgical plant for the production of highly enriched concentrate of precious metals.
This field was supposed to enter into a joint venture with Norilsk Nickel, Arctic Palladium, but the creation of the joint venture was blocked by Rusal, a major shareholder of MMC. In February, it was reported that Norilsk Nickel and Russian Platinum were negotiating a new format for the joint venture.