(OILPRICE) — ICT Group, controlled by Russian tycoon Alexander Nesis and state-owned corporation Rostec has reached a $1 billion deal to develop the Tomtor rare metals deposit in the far east of Russia.

Russian business newspaper Kommersant reports with 154 million tonnes of ore containing 6.71% of niobium oxide, 0.6% of yttrium, 0.048% of scandium and 9.53% of terbium, Tomtor can be considered a unique and potentially the biggest undeveloped deposit of rare metal and REEs worldwide.

ICT Group will own a controlling 50% in the venture in the remote Sakha (Yakutia) Republic while Rostec will control 25%. The rest of shares will be allocated to a yet to be determined investment fund.

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