Rosatom-Nornickel lithium project capex estimated at 90 bln rubles

ST. PETERSBURG. June 17 (Interfax) - The project between the state Rosatom corporation and Nornickel to mine lithium will have estimated capex of 90 billion rubles, Vladimir Panov, Rosatom's special representative for Arctic matters, told Interfax on the sidelines of the St. Petersburg International Economic Forum.

The project should be launched in 2029, he said. This is a challenging project because the nearest rail and power infrastructure is 180 kilometers away, he said.

"We have strategic interest in this project, but in any case we still have to win the auction," Panov said.

An auction for the rights to the Kolmozerskoye lithium deposit in Russia's Murmansk region, in which Rosatom and Nornickel have expressed an interest, will not take place before Q3-4 2022, with a starting price of tentatively 590 million rubles, Natural Resources Minister Alexander Kozlov has told Interfax.

Kolmozoryskoye contains 19% of Russia's lithium reserves and is the country's most promising lithium deposit. It has not yet been licensed.