Nornickel, Rosatom recapitalize Polar Lithium by a further 500 mln rubles

MURMANSK. Jan 22 (Interfax) - MMC Norilsk Nickel and Rosatom have recapitalized Polar Lithium LLC, which holds the license to develop the Kolmozerskoye lithium deposit, Russia's largest, in the Murmansk region's Lovozero district, by another 500 million rubles.

According to the Unified State Register of Legal Entities, Polar Lithium's charter capital increased from 4.082 billion rubles to 4.583 billion rubles, or by 12.3%. The register was updated to reflect this change on January 21.

Nornickel and Rosatom still own the company on an equal footing.

Polar Lithium LLC was last recapitalized on January 21, 2025, by 60% to 4.082 billion rubles from 2.626 billion rubles.

The Kolmozerskoye deposit contains 18.9% of Russia's lithium reserves in 75 million tonnes of ore, and is the country's biggest and most promising such deposit. Its probable P1 lithium oxide resources are 152,600 tonnes, tantalum pentoxide 1,215 tonnes and niobium pentoxide 1,485 tonnes.

Rosatom and Nornickel signed an agreement in 2021 on joint projects to develop the Kolmozerskoye lithium deposit and to process the lithium raw material mined there. The Polar Lithium joint venture was registered in Moscow in July 2022.

The license issued to Polar Lithium is valid from February 21, 2023 to February 20, 2043.

A mine at the Kolmozerskoye deposit will produce 45,000 tonnes of lithium carbonate and hydroxide per year, with full ramp-up by 2030. Russia does not currently mine lithium.

The United States imposed sanctions against Polar Lithium in January 2025.

Rosatom CEO Alexei Likhachev said in March 2025 that a tender had been launched to select contractors to develop the Kolmozerskoye deposit.

He also said Rosatom was generally committed to a closed-loop lithium production cycle.