RE: EUA23 Sep 2025 14:08
A few paragraphs from the Mind Money Report that can be accessed through the latest RNS-R
AO Terskaya Gornaya Kompaniya, is restarting the Monchentundra and NKT projects on the Kola Peninsula, which are scheduled for commissioning in 2028.
In 2025, the technical design of the plant was completed, and it is currently in the final stage of approval. After approval, the launch of a simple processing plant (single-stage flotation) will begin. The company has constructed structural quarries for each year of mining, with a detailed calculation of equipment, and has developed and approved a technical regulation for the GOK, with a detailed calculation of capital costs. A plan is being developed for the joint mining of the Monchetundra-NKT deposit using a single GOK. The planned mining period for the Monchetundra deposit is over 20 years, and for the NKT deposit, it is 11 years. After reaching its planned capacity in 2028, the company plans to produce 1 million ounces of IPG per year (in platinum equivalent) at Monchetundra. The production plan for NKT is also 1 million ounces of IPG per year (in platinum equivalent), but the main metal produced there will be nickel (which is expected to account for more than half of the project's revenue, assuming current metal prices remain stable).
The capital expenditures for the Monchetundra and NKT projects are expected to be financed through an EPCF contract with Sinosteel, a Chinese company that is part of the state-owned China Baowu Steel Group. The execution of this contract, which is expected to take place before 2028, will result in the creation of secured lenders for the operating companies, with a total value of approximately 7 billion rubles (~\$90 million). This debt is at a reasonable level and will not push the company's credit metrics beyond the threshold of moderate credit risk
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