PRESS: Govt can give RDIF $1 bln for Arctic Palladium investment
MOSCOW, Feb 10 (PRIME) -- The government can give the Russian Direct Investment Fund (RDIF) U.S. $1 billion from the National Wealth Fund on joint production with Middle East investors of platinum group of metals by Arctic Palladium, business daily Kommersant reported on Monday, citing sources.
The project, to be launched in 2024, is a joint venture between Norilsk Nickel and Russian Platinum of businessman Musa Bazhayev. The beneficiary of the state subsidy will be the RDIF that plans to attract foreign investors.
Arctic Palladium envisages development of the Chernogorskoye and the southern part of the Norilsk-1 deposit under licenses contributed by Russian Platinum, and the Maslovskoye deposit under a license of Norilsk Nickel. Full capacity of the project stands at 120 tonnes of platinum group metals, and the first stage is to be launched in 2024.