The Uralplatina Holding has confirmed its major finding of platinum reserves in the Kievey field in the Kola Peninsula. According to estimates, the field contains up to 250 tons of platinum, which makes it one the biggest finding of the metal in post-Soviet Russia.
The Uralplatina Holding, a company controlled by business tycoons Viktor Vekselberg and Mark Buzuk, now hopes to team up with the Barrick Gold Corporation, the company which owns the license to the nearby Fedorova Tundra field, newspaper Kommersant reports.
Uralplatina Holding now plans the development of a complete production cycle in the area, with the construction of mines and processing plants. The investments needed are estimated to 300 million USD. Annual production in the project is believed to amount to 6-8 million tons.
The Kievey field is one of several new mining projects in the mineral and metal-rich Kola Peninsula. Among the other companies operating in the region is the Kola Mining Corporation, which plans the development of the Tsaga, Uleeta and Souker projects.
Also the Barrick Gold Corporation has plans for its Fedorova Tundra field. The project located in the central part of the peninsula has estimated resources of 1.0 million ounces of palladium and 262,000 ounces of platinum as well as inferred resources of 1.3 million ounces palladium and 312,000 ounces platinum. The Fedorova project is currently in the feasibility stage and expected to be completed by the end of 2008, the website of the Barrick Gold informs.