- WND - http://www.wnd.com -
Russia tries to break China's grip on rare earth
Posted By -NO AUTHOR- On 04/29/2013 @ 11:22 pm In Money,World | No Comments
(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.
Article printed from WND: http://www.wnd.com
URL to article: http://www.wnd.com/2013/04/russia-tries-to-break-chinas-grip-on-rare-earth/
© Copyright 1997-2013. All Rights Reserved. WND.com.