New AZRF Residents in Chukotka to Invest Over RUB 3 Billion in Exploration and Development of Gold and Silver Deposits
ArktikGeolDobycha and GOLDARCTIC became residents of the Russian Arctic Zone (AZRF) with projects for the exploration and development of natural ore, placer and man-made gold and silver deposits in the Arctic zone of the Chukotka Autonomous Area.11 August 2022
Total investments in projects under agreements with the Far East and Arctic Development Corporation will amount to over RUB 3 billion; the funds will be used to purchase machinery and equipment. The new enterprises will create about 200 jobs.
'New residents will be issued licenses and permits by the end of 2022. Exploration and development of subsurface resources in the Providenskiy, Iultinskiy and Chaunskiy districts will begin in 2023. The volume of precious metal extraction will amount to about 400 kilograms by 2027; each enterprise will extract 16 to 50 kilograms yearly. ArktikGeolDobycha will acquire and modernize a warehouse for equipment storage. GOLDARCTIC will acquire the machines and equipment necessary for the project and modernise their own storage warehouse,' said Sergey Kolyadko, director of MC Chukotka ASEZ, LLC (a subsidiary of FEDC).
Sergey Kolyadko also explained that tax benefits will help new Russian Arctic residents implement projects on schedule and get the maximum yield from the investments made.
'The bowels of Chukotka are rich in minerals and ores, and the mining industry is a key sector of the Area's economy. By creating favorable conditions for investors, we attract new investments, improving the living standards for the locals,' said Alesya Kalinova, First Deputy Governor and Head of the Department of Finance, Economy and Property Relations of Chukotka Autonomous Area.
As part of agreements with the FEDC, residents under all preferential regimes in the Area invested RUB 66.1 billion in the region's economy, creating over 2,200 jobs. The number of residents has reached 86.