"We want to sign the so-called ‘offtake’ with the Swiss," the top manager said.

ST. PETERSBURG, April 9. /TASS/. Atomredmedzoloto is negotiating offtake contracts for ore from the Pavlovskoe Deposit in Arctic Russia with Switzerland’s Glencore and Swedish Boliden, Chief Executive Officer of the mining division of the state-run Rosatom Vladimir Verkhovtsev told reporters on the sidelines of the Arctic Forum.

"Glencore; we are also in talks with Sweden’s Boliden. They also want to participate in this project, they need production," Verkhovtsev said, responding to a question about counterparties for the offtake contract negotiations.

The company is implementing a project of establishing a mining cluster based on the Pavlovskoe deposit of lead and zinc ore on the Novaya Zemlya archipelago in Arctic Russia. The development project undergoes the environmental expert review at present.

Implementation of the project with the port infrastructure is estimated at 27 bln rubles ($416.2 mln), with 2.5 bln rubles ($38.5 mln) already invested by Rosatom, Verkhovtsev added.