Fedorova Tundra platinum group metals project pivoting to Asian market - governor

MURMANSK. Dec 12 (Interfax) - JSC Fedorovo Resources, operator of the project to develop the Fedorova Tundra platinum group metals deposit in the Murmansk region's Lovozero district, is pivoting to the Asian market, the region's governor, Andrei Chibis said in an interview with Interfax.

"The project was initially aimed at European consumers. The situation has changed for obvious reasons. The company is now identifying consumers in Asia," Chibis said.

"There is information that a lot of effort is being made to pivot to another market, but a timing of this will not be known until later," he said.

Chibis said the company was not abandoning the project.

The Fedorova Tundra deposit is considered to be one of Europe's biggest platinum and palladium deposits. Investment in the project has been estimated at more than 60 billion rubles.

Fedorovo Resources received resident status in Russia's Arctic Zone in 2021. Chibis said earlier that the budget would receive 7 billion rubles over 10 years from the project and that about 1,200 jobs would be created.

Work on a mining and concentrating plant was due to begin in 2023. The Far East and Arctic Development Ministry has said between 22,000 and 96,000 tonnes of copper-nickel concentrate with platinum-group metals and gold would be exported starting in 2027.

The Fedorova Tundra project was bought from Canada's Barrick Gold in 2020.

According to the project's website, the sole owner of Fedorovo Resources is currently the Fedorovo Holding, which is a joint venture between the state Rostec corporation and Fedorovo Minerals. According to the Unified State Register of Legal Entities, Fedorovo Minerals is owned by former ChelPipe owner Andrei Komarov with 19% and JSC Start, which does not disclose its owners, with 80.99%.