'Our project is important not only for its export potential but also for the prospect of developing unique technologies that can be replicated in other fields in the Arctic. First and foremost are the development of territories, the strengthening of the manufacturing presence beyond the Arctic Circle and the intensification of the North Sea Route. I am sure that with the support of FEDC and with the acquisition of the resident status of the Arctic Zone of the Russian Federation, the implementation of the large-scale construction will proceed at an accelerated pace,' said Igor Semenov, Executive Director of the First Ore Mining Company.

The project involves the construction of ore pits, waste rock dumps, a tailings pond, roads, a concentrator and a port terminal for the shipment of finished products.

As part of the agreement, planned investments in the project will exceed RUB 52 bn, and some 870 jobs will be created. The products produced—zinc condensate and lead condensate containing silver—will be exported using the North Sea Route. The main market will be Asia and China in particular.

As of today, the project has completed exploration, survey and design work. By the end of 2022, the MPP is expected to receive a positive state expert opinion. The investor has also signed letters of intent with leading international traders for the sale of finished products and has placed metal inventories on the state balance sheet.