IST and Rostec choose site for rare earth metals joint venture

Rare earth metals joint venture of IST Group of Alexander Nesis and Rostec has decided to construct a hydrometallurgical plant in Krasnokamensk – on the land, belonging to the uranium mining holding company of Rosatom ARMZ. The new plant is to cost $110 million, it is planned to launch it by 2021. Taking into account the development of the Tomtorskoye deposit in Yakutia the total investment of TriArk Mining should make up about $1 billion, but for a while funding sources are not identified.

TriArk Mining, a joint venture of IST Group (50% plus one share) and Rostec (25% plus one share) has decided on the ground of its hydrometallurgical production, which it plans to process rare earth metals ore from the Tomtorskoye deposit (the reserves make up 154 million tons of ore containing niobium, yttrium, scandium and terbium). General director of Krasnokamensk hydrometallurgical plant, owned by the joint venture, Alexander Zarubin signed an agreement with the head of administration of the Trans-Baikal Krasnokamensk Yuri Didenko on the location of the enterprise to the amount of $110 million (7.8 billion rubles) and with capacity of 150 thousand tons of ore per year. This was reported by the city administration and Priargunskoye industrial mining and chemical union (PPGKhO, a part of Rosatom’s ARMZ), which works there. The Krasnokamensk metallurgical plant has rented 130 hectares with a production infrastructure from the city and PPGKhO.