President Vladimir Putin approves «Arctic Palladium» project

19.11.2019

President Vladimir Putin approves «Arctic Palladium» project

The creation of the «Arctic Palladium» joint venture in the Norilsk industrial region, implemented    by Russian Platinum and Norilsk Nickel, will lead to the Russian Federation taking the first place in the world in the production of platinum group metals. This was announced today on November 18 by the head of Russian Platinum Musa Bazhaev at a meeting with Russian President Vladimir Putin.

«120 tons is the production potential per year. These are 5860 new jobs, 40 billion rubles of tax revenues per year and the social and economic development of the Arctic», — Bazhaev specified.

He noted the importance of the project both for the region and for Russia as a whole - "this is an increase in cargo traffic along the Northern Sea Route and a significant increase in the export potential of the Russian Federation."

It is planned to launch the enterprise in 2024. Total investments will amount to 15 billion dollars, ore mining - 21 million tons per year, revenue per year of about 7 billion dollars.

«A very good project», Putin emphasized. - Payback is good. Total investments - 15 billion dollars, and net profit is 3700 [million]. In four years with a little we will achieve a full payback».

The head of state called these indicators excellent.


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