Acron Group, Moscow, said on March 15 it is suspending operations at its rare earth element (REE) unit at Veliky Novgorod in northwest Russia. It said the decision has been prompted by market conditions, with low REE prices and market volatility making production unprofitable.
The facility has production capacity of 200 mt/y of REE oxides and was launched in 2016 at a total cost of $50 million. Apatite concentrate from the group’s Oleniy Ruchey mine in the Murmansk region provided the feedstock base for the process (GM July 12, 2019). Acron said group specialists will close down the unit and preserve all equipment.