ARCTIC LITHIUM

Arctic Lithium JSC has successfully obtained a license for geological exploration and lithium mining at the Polmostundrovskoye deposit in the Murmansk region, as reported by Alexander Kozlov, the head of the Ministry of Natural Resources of Russia.

As part of two auctions held for the largest lithium deposits, a new methodology for calculating one-time payments, introduced last year, led to a six-fold reduction in the starting amount for participation in the auctions.

The license for geological exploration and mining of the Kolmozero deposit was granted to the Polyarny Lithium enterprise, and the Polmostundrovskoye deposit – to Arctic Lithium. Similar to the situation with the Kolmozero deposit, only one application was submitted for the auction.

The lithium deposit in Polmostundrovskoye is located in the Lovozero district of the Murmansk region and includes the main lithium mineral – spodumene, as well as potentially valuable beryllium and minerals of the columbite group.

Earlier, the right to develop the largest lithium deposit in Russia, Kolmozero, was obtained by the joint venture Polyarny Lithium (Rosatom State Corporation and Norilsk Nickel).

• The project in the Murmansk region involves the production of 45,000 tons of lithium carbonate and lithium hydroxide annually, which are used in the production of batteries.

he development of the Kolmozero and Polmostundrovskoye deposit areas is included in a comprehensive set of measures to support lithium projects for the period from 2023 to 2030.

• Plans also provide for a significant increase in the production of rare metals – up to 20,000 tons by 2024 and more than 70,000 tons by 2030.

December 18, 2023 Arctic Lithium JSC