12.09.2023
Rusolovo PJSC (MOEX: ROLO, hereafter Company or Rusolovo) and the Government of the Chukotka Autonomous Okrug signed an intent agreement on implementing an investment project to develop the Pyrkakay stockworks tin deposit located in the Chaunkiy district of the Chukotka Autonomous Okrug.
The official ceremony took place at the 8th Eastern Economic Forum on September 12, 2023. The document was signed by the Acting Governor of the Chukotka Autonomous Okrug Vladislav Kuznetsov and President of Seligdar PJSC Konstantin Beirit.
The main areas of cooperation under the signed agreement are organisation of ecologically and economically effective implementation of the Pyrkakay stockworks deposit project according to the plan developed by the Parties; organisation of electric energy supply of up to 25 MW to the operational sites and business facilities of the Company; provision of ample opportunities for employment of local residents.
‘Agreement on cooperation during the Pyrkakay stockworks development has an immense significance not only for Chukotka but also for the whole country. It is one of the largest tin deposits in Russia. The project allow attracting large investments to the district and creating new jobs. One of the agreement clauses sets a priority given to the Chukotka residents in recruitment: we have agreed earlier that we will jointly educate specialists. For Chukotka it means jobs with decent salaries and for Rusolovo, permanent professional employees’, explained Vladislav Kuznetsov, Acting Governor of the Chukotka Autonomous Okrug.
Konstantin Beirit, President of Seligdar PJSC, noted:
‘Pyrkakay stockworks is to a great extend a pivotal project not only for our Company but also for the whole country. We expect that in the future Pyrkakay stockworks will make a half volume of tin mined by our group; by 2027 – 2028, mining volumes will reach 7-8 thousand tonnes of tin in concentrate per year. Today, companies of Rusolovo PJSC work not only to revive tin mining industry in the country but also to surpass in the future results of the soviet period’.
Pyrkakay stockworks is one of largest world tin deposits with 243 thousand tonnes of tin reserves and 16 thousand tonnes of tungsten trioxide reserves. The deposit is situated in Chukotka within the Chaunkiy district, 85 km east from Pevek. In August 2020, Rusolovo obtained a licence for the right to use the subsoil area of the deposit. The deposit life is 30 years and the Company plans to construct a high-capacity Pyrkakayskiy mining and metallurgical plant and Amurskiy metallurgical plant for its development.