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"Rustitan" and Komi: agreement signed

14 January 2014

Closed Joint Stock Company «Rustitan» («Russian titanium resources») and the Government of Komi signed an agreement, according to which the project of construction of the complex on the territory of Pizhemskogo field (Ust-Tsilma district) will be implemented to enable the processing of titanium ore.

«Rustitan» plans to complete construction and begin production work on the extraction and processing of raw materials to the middle of 2021, with the investment that would need to invest in the project, estimated by experts at 30 billion rubles. Accordingly, this investment will enable the creation of jobs of more than 1 thousand.

And «Rustitanom», Komi and Government had confirmed intentions regarding the implementation of the project — an agreement was signed in Syvtyvkare Vyacheslav Gaizer, head of the Komi Republic, and Anatoly Tkachuk, who is president of the company. The signatories did not hide their mutual interest in the project, A. Tkachuk said that to fully understand the importance and prospects of the project, as well as its full reality, and the fact that the support provided by the company's head of the region, representatives of ministries and departments, as well as the working group is very palpable, and promised that the year 2014y become more active in terms of the practical implementation of all commitments.

The company «Rustitan» in accordance with the signed agreement, pledged to harmonize and then approve the plans for exploration and appraisal work and further development of the site. In turn, the Government of the Komi ensures the provision of any assistance at all stages of the project realization in life and plans to assist the company in creating conditions for the further training of specialized professionals.

Vyacheslav Gaiser said that the signed agreement a very important step for the Republic of Komi, since it is based on the interests of the government, and the signing of this agreement provides all the opportunities for advancement.

According to data provided by the Regional Ministry of Industry, Pizhemskoe deposit contains about two and a half billion. Tons of titanium ore. Thus, the implementation of this project will have the opportunity for at least 150 years to produce titanium open pit, at a cost, as well as the impact on the environment are expected to be minimal.

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