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Russian platinum yet received a license to develop the controversial nickel deposit

13 August 2013

Krasnoyarsk region, Russian Federation. Last week (9th August this year) «Rosgeolfond» license has been registered in the name of «Artel Amur» (part of the group «Russian platinum» companies), entitling the organization to use the subsoil southern part of the nickel deposit Norilsk-1. This document is provided by the company in accordance with paragraph 1 of Article 10.1 of the Law of Russia «On Mineral Wealth» as well as on the basis of the Order of the Government of EFR № 1302-r dated 07.24.13 on the results of the tender held 15.06.2012 in the state capital. It is noted that the license has been formalized by the order of the Federal Agency for Subsoil Use number 674 of 02/08/13.

Earlier, Russian media reported that during the development of the southern section of nickel deposits of Norilsk-1 holder of the rights to resource extraction on the object is to invest in the work it funds in the amount of 78 billion. Rubles. Thus in the conditions of competition it was instructed that the first financial injection into the mine should be at the level of 58 billion. Rubles. In addition, the company, established on the basis of the asset must also meet all modern requirements and industrial and environmental safety standards. In particular, sulfur emissions into the environment it must not exceed the value of 40 kgs per ton of produced base metals.

It is also known that the period of use of mine mentioned above will be about 60 years. A future volume of commodity products, produced in the area is estimated at 60 billion. Rubles per year (ie 2.3 trillion. Rubles for the whole period of field development). Tax duties and taxes, which will go to the local and federal budgets during this time, exceed 858 billion. Rubles (that is 37% of the total value of commodity products). In the Krasnoyarsk region will be created over three thousand new jobs.

In the «Russian platinum» for information on obtaining a license reacted positively (because of the nickel deposit disputes have lasted more than a year). However, some analysts believe that in the current situation on the global market for non-ferrous metals new holder of the rights to develop the «Norilsk-1» will not be engaged in the project. «Despite the fact that the price of nickel has recently increased by a few percent, the market situation remains unfavorable for large investments. Therefore, MMC «Norilsk Nickel» (namely, he played rival «Artel» in the competition for the asset) may well rely on the chance to wait for revocation of the license of a competitor «- experts say.

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