Precious metals miner Polymetal will buy a 9.1% stake for $20-million in ThreeArc Mining – a company that owns the Tomtor niobium and rare-earth element (REE) project (Tomtor), in north-west Yakutia, Russia.
The acquisition provides Polymetal with a "high-quality exposure to the electric vehicle (EV) revolution” by establishing strategic beachhead in the niobium and REE markets, CEO Vitaly Nesis said on Thursday.