First resident of Russia's Arctic Zone in Yakutia to develop a tin deposit
AO Yanolovo has staked out its claim as the first resident of the Arctic Zone of the Russian Federation (AZRF)2 декабря 2020
The company's resident status application was granted by a commission of Russia's Ministry for the Development of the Russian Far East and Arctic. The company has its sights on the Ruchei Tirekhtyakh alluvial tin deposit in the Ust-Yansky District of Yakutia.
'We secured a mining license in 2015. Over the 5 years since, we have completed the full scope of geological prospecting and a detailed development plan for the deposit. The project, which has the support of the Industry Ministry of the Republic of Sakha (Yakutia), will set a marquee precedent in the effort to resume tin mining on a wide scale in the region, and will contribute substantially towards the socioeconomic revitalization of the republic's Arctic regions', said Deputy CEO of the AO Yantolovo Management Company Alexander Larionov. 'Our AZRF resident status will enhance the project's investor appeal and help us bring new partners into the project'.
The Yantolovo executive added that the mining for tin concentrate is scheduled to begin already in 2021, signifying an important first step in Russia's drive to fully replace tin imports with domestically produced tin. Meanwhile, the company has stepped up preparations for its first industrial operating season. The project requires a total of over RUB 686 mn in investment, most of it to be used to purchase industrial machinery and equipment. Initially, the company expects to produce about 600 metric tons of tin every year and create 70 new jobs with its project.