AZRF resident to double investment in Yakutia’s tin mining
Intensive development of the Yanolovo joint-stock company is connected with a sharp increase in demand for metal.17 May 2022
Yanolovo plans to double its investment in the next three years to develop a tin mining project in Yakutia’s Ust-Yana District. The company has been a resident of the Arctic Zone of the Russian Federation since 2020. Under the agreement with a unified development institution, the Far East and Arctic Development Corporation, the initially announced investments were about 317 million rubles, and the company planned to offer 74 jobs.
According to Alexander Larionov, Deputy Director of the Yanolovo Management Company, the enterprise is undergoing intensive development due to the favourable market situation. The reason for this is the established high prices for the metal, which are supported by increased demand. Under such conditions, the company successfully completed the previous financial year and has decided to increase investments in the project.
'The investment portfolio of the company will be increased to 628 million rubles. The funds will be used to purchase new processing equipment to meet the high demand. In addition, the staff will be significantly expanded, we expect more than 173 people to join us. The tax payments to the budget will also increase to 2.8 billion rubles,' — said Alexander Larionov.
In 2021, Yanolovo shipped more than 300 tonnes of concentrate to the Novosibirsk Tin Plant. The handling from the river transport to the ground transport was carried out at the Nizhny Bestyakh cargo terminal, which is a resident of the Advanced Development Territory 'Yakutia'. Currently, the raw materials produced are sold only on the domestic market. This year, the company will consider selling tin to China and Malaysia, without involving Western intermediaries.
For more information on the AZRF, visit the Arctic Russia website.