Investor breathes new life in major Arctic coal project – by Atle Staalesen (The Barents Observer – June 25, 2020)

https://thebarentsobserver.com/en/

Trotsenko on the 18th June formalized the acquisition of 75 percent of shares in the Arctic Mining Company and intends to forge ahead with big plans for coal production on the tundra.

The businessman, one of Russia’s richest, plans to invest 33 billion rubles in the project, Forbes informs.

Troubled project

The Arctic Mining Company was formerly owned by Dmitry Bosov, the businessman that in early May this year reportedly took his own life. Bosov and his investment company Alltech had great plans for the project and originally intended to extract several hundred million tons of high-quality coal from his many license areas in Taymyr.

However, progress was seriously hampered by a law suit from Russian environmental control authorities and lack of funds, and in early 2020 Bosov announced that he was abandoning the project.

By that time, construction workers had been in the remote and vulnerable lands since 2016 to prepare for project launch. Reportedly, $86 million had been spent on developments.

For the rest of this article: https://thebarentsobserver.com/en/industry-and-energy/2020/06/investor-breathes-new-life-major-arctic-coal-project

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