Media Council – Prime Minister’s Way for Friday, April 9, 2021

Bloomberg

Russian tycoon Komarov sees precious metals after selling pipes

(Bloomberg) – Russian tycoon Andrey Komarov is looking to extract precious metals after he sold ChelPipe PJSC, a pipe maker that made him a billionaire. Komarov is negotiating the purchase of Kumroch gold deposits in the Russian Far East from the Kamchatka Gold, people familiar with the matter, who asked not to be identified as private. He is also interested in investing in the Fedorov tundra platinum and palladium project in the Murmansk region, the head of the company that owns the deposit said in March. Although demand for steel pipes fell during the coronavirus crisis, platinum group metal prices grew on supply of disturbances and stricter emission rules that amplify use in autocatalysts. Although gold has been under pressure in recent months to bet on economic recovery, prices remain historically high amid extremely loose monetary policy around the world.Komarova’s spokeswoman said she was considering investing in the Fedor tundra deposit in the future and was interested in mining projects in general. , without elaboration. Until last year, Zoloto Kamchatki was under the control of Renova billionaire Viktor Vekselberg, who sold it to Kompleksprom, a company owned by former Renova managers, a Renova spokesman said, without explanation. his first stake in ChelPipe in the late 1990s, and his fortune increased after the company’s new facility was rebuilt, impressing the Kremlin. During a visit to the new location in Chelyabinsk in 2010, President Vladimir Putin said that with its modern look it looks more like “Disneyland” than a pipe workshop. In March, Komarov sold his 86.5% stake in ChelPipe to rival TMK PJSC for 84 billion rubles ($ 1.1 billion). The tycoon’s fortune now stands at about $ 1.4 billion, according to Bloomberg’s billionaire index. The Kumroch deposit holds 34.4 tons (1.1 million ounces) of gold reserves, said the representative of Zoloto Kamchatka. It should start exploitation in 2025, with an expected annual production of as much as 5 tons. Atom Gold from Komarovo has already submitted documents to the antimonopoly service to approve the purchase of 75% and one share of the company holding the Kumroch license, people said. The rest will be held by Zoloto Kamchatka, with a partnership that shares the risks of the big project, they said. The Fedor tundra deposit is expected to produce as much as 250,000 tons of concentrate annually, mostly containing PGM, but also nickel, copper and gold. Fedor Resources took over the license from Barrick Gold Corp. last year. (Updates with Kumroch Reserves in paragraph 8. An earlier version was corrected from paragraph 2 to reflect current ownership of Zoloto Kamchatka) For more articles like this, visit us at bloomberg.com Subscribe now and stay up to date with the most trusted source of business news . © 2021 Bloomberg LP

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