Polymetal completed the acquisition of a 9.1% stake in ThreeArc Mining for $20m.

Polymetal completed the acquisition of a 9.1% stake in ThreeArc Mining, an owner of Tomtor niobium and rare-earth metals project, for $20m. “Investment in Tomtor provides us with a high-quality exposure to the EV revolution by establishing strategic beachhead in the Nb and REE markets. Our capital injection and our engineering expertise will be key in driving the project forward. We intend to consider any further potential steps of Polymetal’s engagement with the asset after the completion of JORC-compliant reserve estimate,” Vitaly Nesis, Polymetal Group CEO.