Russian gold miner Polymetal invests in niobium, rare earths project

摘要

London—Russia’s second-largest gold miner Polymetal is investing in a niobium and rareearth metals project in Yakutia and may step up its involvement given strong prefeasibility study results. Polymetal said Thursday it has entered into a legally binding agreement to acquire a 9.1% stake in ThreeArc Mining through a $ 20 million cash investment into newly issued share capital. ThreeArc holds a licence until 2034 for the Buranniy section of the Tomtor niobium and rare-earth metals deposit in Yakutia and is majority owned by ICT Holding. The latter’s stake in ThreeArc will be diluted to 68.2% following the increase in share capital. ICT also owns 27% of Polymetal, according to ICT’s website.