Lukoil-Komi has been granted a site for exploration and extraction of titanium ore

The Government of Russia has proved Lukoil-Komi the winner of the auction for the right to use a federal subsoil site for exploration and extraction of titanium ore and accompanying components, is said on the website of the Cabinet of Ministers.

Lukoil-Komi LLC is given the right to use the federal subsoil site comprising the “Titanvy-1” site of the Yaregsky deposit located on the territory of Komi for exploration and extraction of titanium ore and accompanying components, is reported.

Arkhangelskgeoldobycha also participated in the auction. “In conformity with article 40 of the law “On Subsoil”, a subsoil user that gains the right to use the subsoil, makes one-time payment. The amount of the payment for this site made up 96,542.124 thousand roubles”, is reported.