Kolmozerskoye Lithium Deposit in Murmansk May Surpass Reserve Forecasts

Kolmozerskoye Lithium Deposit in Murmansk May Surpass Reserve Forecasts

Potential Upswing in Lithium Reserves

Andrei Chibis, the Governor of the Murmansk region, has indicated that the reserves at the Kolmozerskoye lithium deposit could exceed initial forecasts. This revelation was shared during a recent statement in St. Petersburg, shedding new light on the potential of the deposit.

Joint Venture Exploration Efforts

Polar Lithium, a joint venture between Rosatom’s mining division and Nornickel, secured the license for the Kolmozerskoye deposit in early 2023. Alongside Arctic Lithium, which holds the license for the Polmostundrovskoye deposit, both entities are actively engaged in exploratory activities. These efforts are focused on refining reserve estimates and conducting financial feasibility studies.

Investment in Infrastructure

The exploration and development of these deposits entail significant investments in infrastructure, including road construction and energy networks. These developments are expected to bolster the region’s economic growth and facilitate the mining operations.

Licensing and Reserve Details

Polar Lithium’s license for Kolmozerskoye, acquired with a bonus payment of 1.718 billion rubles, remains valid until 2043. Similarly, Arctic Lithium’s license for Polmostundrovskoye, with a bonus of 671.973 million rubles, also extends to 2043. The Kolmozerskoye deposit, located in Murmansk’s Lovozero district, is notable for holding 18.9% of Russia’s lithium reserves, making it the country’s largest and most promising deposit. The probable P1 resources include lithium oxide, tantalum pentoxide, and niobium pentoxide.

Production and Market Impact

The project is set to produce 45,000 tonnes of lithium carbonate and hydroxide annually by 2030. These materials are crucial for battery production, indicating the project’s potential impact on the global battery market and renewable energy sector. icon

    Subscribe to the most timely news about the metals market

    Metals Wire's weekly digest for mining and processing industry professionals, investors, analysts, journalists.