Russia’s Polymetal will consider investing in the country’s largest rare earth project Tomtor, which is being developed by the gold and silver producer’s top shareholder, CEO Vitaly Nesis said on Wednesday.
Polymetal, in which Vitaly’s brother and Russian businessman Alexander Nesis holds the largest stake, said in August that it was considering acquiring minority stakes in domestic rare earth minerals projects, tapping into growing demand for commodities used in the production of electric cars.