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The Tomtor deposit of niobium and rare earths located in Russia’s Yakutia Republic is one of the world’s three biggest by reserves, Russian miner Polymetal, which owns a minority stake in the project, said on Monday.
“Tomtor confirmed its scale and grade as one of the premier niobium and rare earths deposits globally,” Polymetal CEO Vitaly Nesis said in a statement, citing the estimates made by ThreeArc Mining, which is developing the project.
The promising deposit is a key project that is expected to help in boosting output of rare earth metals in Russia. Domestic production of rare earths, which are vital for the defense sector, as well as for the manufacture of mobile phones and electric cars, will reportedly reduce the nation’s reliance on imports from China.
Niobium is used mostly in alloys, the largest part of it in steel such as that used in gas pipelines. A small percentage of the metal enhances the strength of the steel. Other applications of niobium include welding, nuclear industries, electronics, optics and jewelry.
Polymetal, listed both on the London Stock Exchange and Moscow Exchange, owns a 9.1% stake in ThreeArc Mining. The company, founded in 1998, is the third primary silver producer globally, as well as being the largest silver and fourth-largest gold producer in Russia.
“The project team will now focus on completion of a bankable feasibility study, paving the way for the investment decision,” Nesis said.
The Tomtor deposit of niobium and rare earths located in Russia’s Yakutia Republic is one of the world’s three biggest by reserves, Russian miner Polymetal, which owns a minority stake in the project, said on Monday. Read Full Article at RT.com Read More
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In a major acknowledgement of China’s concerns, New Zealand Foreign Minister Nanaia Mahuta said her country is “uncomfortable” with the Five Eyes intelligence-sharing alliance’s efforts to expand its scope into dictating policy. The World War II-era partnership between the intelligence agencies of the US, Canada, the UK, Australia and New Zealand has issued official statements […]
The Damascus countryside has come under a missile attack, Syria’s state media reported, blaming Tel Aviv for carrying out “aggression” with a number of missiles. The strike reportedly inflicted material damage outside the capital. The alleged attack took place early on Wednesday, Syria’s state-run SANA news agency reported, citing a military source. “A number of […]
