Artemis Mining

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project detail

The Lomonosovskoye Iron Ore Project (LOMO), located in the Kostanay Region of Kazakhstan, is one of the largest and most advanced undeveloped iron ore deposits in the world. With JORC and KAZRC-certified reserves, completed Bankable Feasibility Studies, and all major permits secured, LOMO is now entering the development phase and is positioned to become a globally significant supplier of high-grade, low-impurity iron ore concentrate.

Project Overview

The Lomonosovskoye Project lies approximately 15 km northwest of Rudniy and 725 km from Astana, within one of Central Asia’s most established mining regions. The deposit comprises two major mineralized zones — the North-Western and Central deposits — both characterized by large-scale magnetite-bearing formations of exceptional quality and continuity.

Following a decade of exploration and feasibility work conducted by international engineering firms, LOMO has evolved from a Soviet-era discovery into a fully de-risked, development-ready world-class iron ore project.

Resource Base and Scale

LOMO’s JORC-compliant resource confirms a measured and indicated resource exceeding 500 million tonnes of iron ore, with grades averaging 30–36% Fe and low deleterious content. Metallurgical testing by Corem Laboratories (Canada) has demonstrated that the ore can be efficiently upgraded to a 67% Fe concentrate, positioning it firmly in the Direct Reduction (DR) grade category — a premium product increasingly demanded by steelmakers transitioning to low-carbon production.

The combination of scale, grade, and product quality places Lomonosovskoye among the top tier of global iron ore assets, comparable to major operations in Brazil and Australia, but with a distinct geographic and logistical advantage in serving European and Chinese markets.

Technical Validation and Feasibility

The LOMO project has undergone extensive technical evaluation by leading global engineering and consulting firms, including:

  • Wardell Armstrong International (UK)– Pre-Feasibility Study (PFS)
  • WSP (UK & Canada)– Bankable Feasibility Study (BFS)
  • Wood Mackenzie (USA)– Market Study
  • Corem (Canada)– Metallurgical Variability Testing
  • GBM Minerals Engineering (UK)– Infrastructure and logistics design
  • Logicamms (Australia)and Mincore (Australia) – Beneficiation Plant design
  • Antal (Kazakhstan)– Master Mine Plan (MMP)

All major exploration, environmental, and mining permits have been approved by local and central authorities, culminating with the Environmental Work Permit (April 2024) and JORC–KAZRC certification (August 2024). Mine construction and early works began in 2025, with first concentrate production planned for 2027.

Strategic Location and Infrastructure

LOMO benefits from exceptional infrastructure access:

  • Railway network within12 km
  • Paved roads within4 km
  • Power (50 MW capacity) within5 km
  • Natural gas supply and water resources nearby

This connectivity ensures low logistical costs and multiple export options via Kazakhstan’s national rail system, linking to both European markets and Western China’s Xinjiang Province.

The project’s location also places it in close proximity to major industrial customers:

  • Magnitogorsk (MMK)– 300 km
  • Chelyabinsk (Mechel)– 450 km
  • Temirtau (ArcelorMittal)– 800 km
  • Baosteel / Sougang (Xinjiang, China)– ~2,200 km

As domestic Chinese mines in Xinjiang begin to close by 2030, Lomonosovskoye is strategically positioned to fill the supply gap for premium iron ore concentrate in Asia’s key steelmaking hubs.

Product Quality and Market Advantage

The Lomonosovskoye concentrate stands out for its purity and performance characteristics:

Parameter

LOMO Concentrate

Benchmark (Platts 62% Fe)

Fe

67%+

62%

SiO₂

1.9%

4.0%

Al₂O₃

0.88%

2.25%

P

0.04%

0.09%

S

0.07%

0.02%

Its high iron content and low silica/alumina ratios make it ideal for both blast furnace and Direct Reduction (DRI)applications, supporting the global transition toward green steel.

According to Wood Mackenzie, global demand for DR-grade concentrate is expected to more than double by 2035, while supply remains severely constrained — positioning Lomonosovskoye as a critical future supplier in the decarbonization of the steel industry.

The Green Steel Opportunity

As the world accelerates toward low-carbon steel production, the LOMO project’s high-grade 67% Fe concentrate has become strategically invaluable. It meets the feedstock requirements for electric arc furnaces (EAF) and hydrogen-based DRI technologies, offering a direct path to lower CO₂ emissions per tonne of steel.

With Europe and Asia both advancing their “green steel” mandates, LOMO is uniquely placed to serve this emerging market segment. Its future development plan includes the production of low-carbon iron briquettes, further enhancing downstream value and sustainability credentials.

Competitive and Strategic Edge

LOMO’s development coincides with a period of declining global supply of high-grade iron ore. By 2031, the closure of multiple Xinjiang mines will reduce regional output by nearly 50%, creating a supply deficit of approximately 5 million tonnes per year. LOMO’s production will partially offset this shortage, establishing long-term supply relationships with key steelmakers in Asia and Europe.

Furthermore, Kazakhstan’s stable regulatory environment, established mining framework, and strategic partnerships with both Western and Asian industrial partners reinforce LOMO’s position as a low-risk, high-return mining asset.

Conclusion

The Lomonosovskoye Iron Ore Project is emerging as one of the largest and most technically advanced iron ore developments in the world. With certified resources, completed feasibility studies, secured permits, and a high-grade product ideally suited for the low-carbon future of steelmaking, LOMO offers an unparalleled combination of scale, quality, and strategic location.

As iron ore markets continue to favor premium, low-impurity feedstock, and global demand for green steel accelerates, LOMO stands as a cornerstone project capable of transforming both Kazakhstan’s mining industry and the global high-grade iron ore supply chain.