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Minister of Economic Development Maxim Reshetnikov Visits Oleniy Ruchey Mine

On 17 November 2023, the Russian Minister of Economic Development Maxim Reshetnikov visited the Oleniy Ruchey mine of North-Western Phosphorous Company (a member of Acron Group).

Mr Reshetnikov watched the open-pit mining operations from the Oleniy Ruchey observation deck and the production process at the processing plant.

In December 2020, NWPC and the Ministry of Economic Development of Murmansk region signed an Investment Protection and Promotion Agreement (IPPA) through 2025, under which NWPC will create new jobs, increase payments to the budget at all levels, introduce advanced technologies, and use subsoil resources sustainably, while the Ministry will provide state support to the mine.

During the meeting, Acron’s CEO Vladimir Kunitsky underlined that the Group’s investments under the IPPA totalled approximately RUB 12 billion, and annual tax contributions increased to RUB 5.7 billion since 2020. ‘Currently, the Oleniy Ruchey production capacity is 1.3 mtpa of apatite concentrate, and we plan to expand it to 2 mtpa by 2030’.

Andrey Chibis, the Governor of Murmansk region, noted: ‘The Oleniy Ruchey mine is a strategic asset for our region. As a major employer, the mine currently provides jobs for over 2,000 people, and further development of this project will create up to 600 new jobs and increase the region’s tax base’.