Overall investment in the project is expected to reach c.US$228 million

Mill 550, EVRAZ DMZ Petrovskogo

EVRAZ approves construction of new vanadium plant. (Credit: EVRAZ plc)

EVRAZ (LSE: EVR) announces today that its Board of Directors has approved the construction of a new vanadium slag processing plant at the Uzlovaya special economic zone, in Russia’s Tula region.

The strategic aims of the new unit are to increase cost efficiency in fully controlled and coordinated at all stages processing chain from slag to final product.

The plant will be built using the best technologies available to reduce its environmental impact, in line with EVRAZ’ environmental strategy 2030. For example, the plan is that production wastewater, storm water and sewage will be treated and reused in the unit’s closed-loop water system.

Overall investment in the project is expected to reach c.US$228 million. The launch of the plant is currently scheduled for 2025.

Alexander Frolov, CEO of EVRAZ, said: “The development of vanadium production in the Tula region will create new jobs, decrease processing costs and strengthen the existing constructive dialogue between EVRAZ and the region’s government.”

Source: Company Press Release