Russian Platinum says it, Norilsk Nickel to invest $15 bln in JV

MOSCOW, Nov 18 (PRIME) -- Aggregate investment in a joint venture (JV) between metals companies Norilsk Nickel and Russian Platinum is estimated at U.S. $15 billion, Russian Platinum CEO Musa Bazhayev told President Vladimir Putin on Monday.

Bazhayev also said that the platinum group metals reserves of the joint venture, which is at a final stage of establishment, will amount to 4,500 tonnes, while the production capacity is seen at 120 tonnes annually.

“We have a total of 770 million tonnes of ore reserves. The life of the mine is 55 years, and the launch is scheduled for 2024. The overall investment is $15 billion. Ore production is projected at 21 million tonnes annually, revenue is expected at $7 billion annually. The profitability is at 53%,” he said.

Bazhayev thanked Putin for the support of the project by state-run agencies VTB Bank and the Russian Direct Investment Fund (RDIF).

“Thank you very much for an opportunity to give a speech in Riyadh, it was important for me. We, together with VTB and the RDIF, are working on attracting the Middle Eastern partners to the project on the Russian Platinum side. We believe that they are really interested and are ready to cooperate actively,” he said.

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