According to the press service of the government of the Republic of Karelia, preparations for the development of one of Europe's largest deposits of gneiss granite is about to be completed, the first output expected in June this year.
The Lobskoye-5 deposit is situated 15 km away from the town of Medvezhegorsk, Karelia. Geologists estimate the resource of gneiss granite in it at 50 million cubic metres. In June, a Swedish-made caterpillar-propelled production installation capable of outputting 0.5 million cubic metres of rock annually will become operational there.
According to the republic's government's press service, a plant producing 0.7 million cubic metres of construction gravel will be later built at the site. The output will be transported through the now idle Medvezhegorsk automatic port and a 4-km-long access railway and a loading terminal still to be built.
The principal consumers of Karelian gravel will be Moscow construction companies. The completion of the first phase of the project is expected to cost USD 6 million, the total cost eventually amounting to USD 17 million. The commercial Russian Credit joint-stock bank is the principal investor in the project.
Russian President Vladimir Putin announced a possibility of a real revolution that may happen in world economy in the coming years to put an end to the monopoly of large Western banks