EuroChem Group AG plans to invest RUB100 billion (approximately $1.7 billion at current exchange rates) in further developing Kovdor GOK in Russia’s Murmansk region, where it mines and processes apatite, and produces iron ore and baddeleyite as co-products.
The operation is part of EuroChem’s Mining Division, and is Russia’s second largest producer of apatite concentrate.
According to an Interfax report, citing the Murmansk Region’s Information Policy Ministry, the ministry has completed the review of all details with EuroChem, and the two parties will sign an agreement “in the near future.” Few other details were reported.
Kovdor GOK’s current total annual apatite concentrate capacity is understood to be 2.5 million mt, with capability of approximately 5.6 million mt/y of iron ore concentrate production and 8,000 mt of baddeleyite concentrate.