Rostec to begin mining Fedorova Tundra deposit of palladium and platinum

A consortium which includes the Russian firm is working on papers to begin the development of mining the Fedorova Tundra deposit of palladium and platinum in the Murmansk Region, according to the area's governor Andrei Chibis. “Rostec’s affiliate RT-Business Development has bought a license for the Fedorova Tundra deposit of platinum and palladium jointly with investor the Oleg Seleznev from Barrick Gold ,” RT-Business Development said. Ore production is due to begin in six to seven years on the deposit which is estimated to have 65 tons of platinum and 280 tons of palladium. The necessary investment for the project is expected to reach RUB 55bn to RUB 60bn, with the payback period estimated at 14 years.