Elbrus Mining Co, govt sign 40 bln rbl investment protection deal

NALCHIK, Apr 3 (PRIME) -- Elbrus Mining Company, a subsidiary of Russian state industrial corporation Rostec, has signed a 40 billion ruble agreement on protection of investment with the Economic Development Ministry and the government of the republic of Kabardino-Balkaria to build a mining plant, the ministry said in a statement on Monday.

“A trilateral agreement on protection and promotion of investment was signed by the Economic Development Ministry, the republic of Kabardino-Balkaria, and Elbrus Mining Company that is a subsidiary of state corporation Rostec. The company plans to invest more than 40 billion rubles into construction of a mine and a beneficiation plant in the city of Tyrnyauz,” the statement read.

President Vladimir Putin ordered the government to consider recovery of the project for development of the Tyrnyauz tungsten and molybdenum ore field. The government auction the field’s license in September 2018, and the Rostec’s subsidiary won the auction.

The total cost of the project for development of the Tyrnyauz field reaches 55 billion rubles, and it encompasses production and beneficiation of up to 1.5 million tonnes of ore per year.

(77.3233 rubles – U.S. $1).

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