The registered capital of Polar Lithium LLC has been increased from 1 million rubles to 2.625 billion rubles, Interfax reports.
Polar Lithium holds a license to develop Kolmozersky, Russia's largest lithium deposit in the Lovozersky district of the Murmansk Region. The company is 50-50 owned by Norilsk Nickel Technical Services and Atomredmetzoloto, subsidiaries of Norilsk Nickel and Rosatom, respectively.
In February 2023, the joint venture received a license to develop the Kolmozersky lithium deposit until February 20, 2043.
The Kolmozersky lithium deposit is considered the largest in Russia (75 million tons of lithium ores, 18.9% of domestic reserves) and the most promising one.
Kolmozersky reserves allow for up to 40 years of production at 2 million tons of ore per year, from which 45,000 tons of lithium carbonate will be extracted. The completion of the design and geological exploration work is planned within a few years. The mine is expected to reach a design capacity by 2030.
Currently, lithium is imported for the needs of the Russian industry. It is one of the key elements for the production of batteries (including EV).
Alex Shishlo for Rough&Polished
