Rostec pulls out of Fedorova Tundra PGM project

MOSCOW. Feb 13 (Interfax) - The state Rostec corporation has pulled out of the project to develop the Fedorova Tundra platinum-group metals project.

According to the Unified State Register of Legal Entities, the 25.1% stake in Fedorovo Holding owned by Rostec's RT Business Development changed hands in the middle of January, with Oleg Seleznev, a former director at ChelPipe , receiving 24.9% and Andrei Grishin 0.2%.

Rostec confirmed that it had divested its stake.

The other 74.9% of Fedorovo Holding is owned by Fedorovo Minerals, in which former ChelPipe owner Andrei Komarov has a 19% stake. Komarov gained control of Fedorova Tundra project at the beginning of 2022 but soon handed it to his associates.

The Fedorova Tundra deposit in the Murmansk region's Lovozero district is considered to be one of Europe's biggest platinum and palladium deposits. A plant to mine and process ore copper-nickel ore containing PGMs at the site by 2027.