The joint venture has a goal of becoming one of the world’s largest producers of platinum group metals (PGMs), with a targeted annual production of 70 to 100 metric tons (mt) of PGMs.

The companies anticipate the joint venture will be formally established by the end of 2018, subject to internal corporate approvals and necessary regulatory approvals. Investment approval of the project parameters and the development timeline will be made upon completion of a feasibility study scheduled for the end of 2019. Project implementation is expected to start in 2020. Nornickel will provide the joint venture access to infrastructure in the Norilsk Industrial District.

Nornickel President Vladimir Potanin said, “It opens up new opportunities for the exploitation of natural resources in the Norilsk Industrial District.” “We expect that upon ramp-up, the project could become one of the world’s leading PGM producers in terms of both size and profitability,” he added. “Moreover, the launch of a joint venture of such scale should give a powerful impetus for the further social and economic development of the Krasnoyarsk region and Russia’s mining industry overall.”