The auction for the Tyrnyauzskoye deposit of tungsten and molybdenum ores (Kabardino-Balkaria) will be held in the second half of this year, the Russian Minister of Natural Resources and Ecology Sergei Donskoy reported.
"We are talking about the second half of the year. The Federal Agency on Subsoil Usage’s licensing plans include this project. The starting payment will be about 4 billion rubles," - the Minister said.
In accordance with the request of the Russian President Vladimir Putin, the Russian Government proposed to further consider, together with the interested organizations, the resumption of the mining and processing project of the Tyrnyauz deposit’s tungsten and molybdenum ores, including the financial and economic model of the project, and to submit proposals.
The complex was included in the list of projects applying for state support in the framework of the program of import substitution. It is expected that the new Tyrnyauz tungsten-molybdenum plant will give Kabardino-Balkaria over 1 thousand new jobs. The cost of the investment project will amount to 14.2 billion rubles.