Polar Lithium LLC (a joint venture between Norilsk Nickel and Rosatom) has fallen under US sanctions, OFAC (Office of Foreign Assets Control, a division of the US Treasury Department) reported. The company is developing the Kolmozerskoye lithium deposit in the Murmansk region.
The Kolmozerskoye deposit development project involves the extraction of 1.96 million tons of ore with the release of 45 thousand tons of lithium carbonate and hydroxide. The first pilot batch of 5 thousand tons of lithium at the Kolmozerskoye deposit is planned to be released in 2026. The design capacity is planned to be reached by 2030. The volume of capital investments in the project in October last year was estimated at 91 billion rubles.
The estimated resources of the Kolmozerskoye deposit are 13.5 million tons of ore and 152.6 thousand tons of lithium oxide. The deposit contains almost 19% of all reserves in the country and is the largest in the region. The site also contains beryllium, niobium and tantalum. Polar Lithium LLC (a joint venture of Norilsk Nickel and Rosatom) received a license for exploration and production of lithium ores with associated components on February 21, 2023.