Rosatom State Corporation is set to channel almost RUB 800 million into the development of the Lovozersky Mining and Processing Plant (GOK), as revealed by Alexei Shemetov, First Deputy General Director of JSC Atomredmetzoloto, in preparation for the corporation’s public reporting. This investment aims to bolster the production of rare earth metal (REM) concentrates, marking a significant step in enhancing Russia’s capabilities in the REM sector.
The integration of Lovozero Mining and Processing Plant LLC, known for its mining and enrichment of loparite ore, into Rosatom’s Mining Division has streamlined the production chain for REM concentrates. Shemetov highlighted the corporation’s commitment to modernizing obsolete equipment, addressing staffing needs, and boosting both output and economic efficiency at the newly acquired facilities.
In a parallel development, Rosatom established Polar Lithium LLC in the Murmansk Region in 2023, securing a license for the Kolmozerskoye deposit. Subsequent explorations have not only augmented the deposit’s lithium content and reserve volume but also paved the way for the construction of a cathode materials production facility essential for lithium hydroxide electric batteries.
Scheduled to commence pilot production by the end of 2026, the facility is expected to produce approximately 5,000 tonnes initially. With a substantial investment of about 49 billion rubles earmarked for the lithium project, Rosatom is positioning itself as a key player in the global battery materials market, contributing to the burgeoning demand for electric vehicle batteries and renewable energy storage solutions. 
