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Mangazeya to Receive State Subsidies
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February 3, 2020 - 1:39 pm
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Mangazeya Zoloto and Seligdar tin will receive 1.6 billion rubles in state subsidies

17:41 January 30, 2020
 
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© Sputnik / Ruslan Krivobok
MOSCOW, Jan 30 - RIA News / Prime. Mangazeya Zoloto LLC (which manages the enterprises of the Mangazeya group, Mangazeya Mining Ltd) and the tin business of Seligdar PJSC will receive a state subsidy for creating infrastructure for their mining projects, the Ministry of Development of the Far East and the Arctic reports.

Today, at a meeting of the Russian government, two projects were approved, which were pre-selected and were selected from 12 applicants. The Cabinet of Ministers of the Russian Federation supported the allocation of subsidies totaling 1.6 billion rubles.

● Mangazee Zoloto as part of the construction of a mining enterprise based on the Nasedkino gold ore deposit in the Trans-Baikal Territory. 763 million rubles are needed for the reconstruction of the 110 kV switchgear of the 110 kV Substation Verkhnyaya Dendanda and the construction of a 110-kV overhead line with a length of 54 km and a 110/6 kV substation.

The design capacity of the enterprise will be 1 million tons of ore per year. GOK will reach its design capacity by the end of 2020. Extraction will be open pit in eight quarries to be built in four geological sections of the field: Mount Pyataya, Pridolinniy, Zhelanny and Pravoberezhny. In 2021, it is planned to produce 3.1 tons of gold.

The Nasedkino deposit, also known as Malouryumskoye, is located in the north-eastern part of the Trans-Baikal Territory, in the upper reaches of the Small Uryum River. Proved industrial reserves of the deposit are 21.2 tons of gold. The license for its development is owned by Far Eastern Non-Ferrous Metal Company LLC (part of the Mangzeya Group of Companies).

Seligdar, for a mining and processing enterprise based on the Pravourmiysky tin ore deposit in the Khabarovsk Territory, requires a dirt road from Suluk to a deposit of 87.8 km in length. The road will be built by the investor, the design documentation has passed state expertise. The provision of subsidies is planned in 2021 upon completion of work. The design capacity of the mining and processing enterprise will be 600 thousand tons of ore per year or 4.5 thousand tons of tin in concentrate. The enterprise will be commissioned in 2022, and will reach full capacity by 2024.

“I want to note that this is the first project in the Trans-Baikal Territory, which claims to receive subsidies after the integration of Trans-Baikal in the Far Eastern Federal District and is very important for the development of the region. The provision of the subsidy is planned in 2020 after the work is completed,” the Russian Minister for Development of the Far East said and Arctic Alexander Kozlov.

According to him, the volume of state support should not exceed 30% of the declared private investment; in addition, support is provided only to projects whose net present value (NPV) is negative in the absence of support, that is, a project cannot be implemented without state support. Currently, 10 investors have received infrastructure support. They invested more than 240 billion rubles in the economy of the region and created almost 10 thousand jobs.

https://gold.1prime.ru/news/20200130/348482.html

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