Russia plans to start tapping five molybdenum deposits over next 36 months

Russia plans to start mining at five molybdenum deposits during the coming three years, the Ministry of Natural Resources said.

According to the ministry, corporate investments in molybdenum exploration will more than double this year to 4.5 bln rubles ($57.6 mln).

"Promising targets to ramp up mining are four deposits being prepared for development: Agaskyrskoye in Khakassia, Ak-Sugskoye in Tyva, Yuzhno-Shameiskoye in the Sverdlovsk Region, Tyrnyauzskoye in Kabardino-Balkaria, and a deposit with the ‘being explored’ status - Peschanka in Chukotka. Mining in these deposits is to start in the next three years," the ministry informed.

Commissioning of Peschangka and Ak-Sugskoye deposit will make it possible to cover domestic needs of the industry and form the stable export potential, it added.