EVRAZ, a steel and mining company, has announced plans to construct a new vanadium slag processing plant in Russia's Tula region. The plant aims to increase cost efficiency and will be built using environmentally friendly technologies. The project is expected to cost around $228 million and is scheduled to be launched in 2025. EVRAZ CEO, Alexander Frolov, believes the development will create new jobs, reduce processing costs, and strengthen the company's relationship with the regional government.
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 (€192 mln). The launch of the plant is currently scheduled for 2025.
Commenting on the news, 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".