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Pumped up investment muscle - EastRussia | News Khabarovsk Territory

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Inflated the investment muscle

Khabarovsk businessmen talked with the director general of the Far East Development Fund

Last week, the management of JSC Development Fund for the Far East and the Baikal Region made a multi-day trip to the east of the country, holding investment sessions in Kamchatka, in Khabarovsk and Yakutia. Most of the promising projects and interesting questions were heard in the capital of the Far Eastern Federal District - the region of the first two areas of priority development.

Inflated the investment muscle
Alexey Chekunkov, the general director of the fund, tried to explain on concrete project examples what exactly, in what volumes and why his company is ready to support, and why it is important for business to try to get such financing: struggling for the fund's resources, the entrepreneur "pumps a very useful muscle".

Director General of JSC "Fund for the Development of the Far East and the Baikal Region" Aleksey Chekunkov, opening the investment session of the fund in Khabarovsk Krai, recalled that the mechanism for allocating funds for projects was defined by the Russian government quite recently - in July this year, after which the fund is "pretty quick" undertook the selection of projects in the portfolio. "For four months, the board of directors selected seven projects for 11 billion rubles. Three projects have passed all the "locks", approved by the government, and their funding is already underway. Four more will be accepted and put on the rails of execution before the New Year, "he said.

Further, the fund intends to invest about 10:15 billion rubles a year, which means it can not be sprayed on small projects. “The golden mean for yourself,” explained Alexey Chekunkov, “we see projects with a range of costs 1:2 billion rubles (the government fixed the criterion of at least 250 million rubles). That is, we are focused on a strong medium-sized business. ” In addition, "industry restrictions for investment have finally been lifted, although the fund was initially presented as an infrastructure," the fund's general director said. According to him, starting from 2016, the foundation “can, in principle, be engaged in any sectoral project, except, let's say,“ harmful ”- connected, for example, with alcohol or gambling activities.” “But we would like to focus on projects in industry, agriculture and tourism. I believe that the Far East can earn a lot of money if we focus on feeding and, sorry for being direct, entertaining our southern neighbors,” he said. circle of interests of the fund Alexey Chekunkov.

Financing, he said, can be provided for up to 10 years and under 10,5% per annum - “this is very attractive capital.” At the same time, the fund is “a very conservative investor seeking to minimize risks through collateral and surety”, and because of the need for expertise and passing several instances for project approval, the entire procedure from investor’s circulation to the receipt of funds to the account takes 4-6 months. The fund proceeds from the principle of maximizing private investment, that is, it seeks to enter projects where the fund’s share is no more than 50%, and the rest will be attracted by co-investors, Mr Chekunkov acknowledged. "Our most optimal share is 20-30%," he said.

Khabarovsk authorities gathered around 150 people for the investment session, including more than 70 representatives from companies initiating investment projects in various industries. Looking around the hall, Alexey Chekunkov, addressing the entrepreneurs, said: “Judging by the number of those present, it’s impossible to work with absolutely everyone. This is a sport, and the Khabarovsk Territory is very strong in sports. We all understand that it is useful and necessary to engage in sports, and not only to those who will eventually climb onto the pedestal. 90% of the investment process is basically the same for any investors, be it a fund or a commercial bank. Therefore, I urge you - let's work, initiate projects, engage in dialogue and go for a win. If someone in the competition turns out to be worthy, but not the first, you, in any case, I am sure, will pump up a very useful muscle. And your chances of raising capital elsewhere will increase. ”

After that, Alexey Chekunkov and his colleagues presented several specific projects selected by regional authorities. The scale of funds required from the fund to Khabarovsk projects, as the discussion showed, varies by orders of magnitude - from millions to billions of dollars. The representatives of the foundation did not refuse to study them further on any of them, although they were rather cautious on all of them. But the most revealing was the comparison of two projects in the mining sector - we were talking about the prospects for the development of the Noni and Malmyzh deposits.

Alexander Golovanov, General Director of Noni LLC, told about plans to develop the same-name deposit with gold reserves of about 10 tons. The company is exploring the deposit from the year 2006 and wants to build a mine there for 800 kg of gold and about 3 tons of silver per year. The general director of Amur Minerals LLC, Thomas Bowens, speaking next, spoke about the prospects for the development of the Malmyzh porphyry copper deposit, one of the largest in the world. Its already explored reserves are of the order of 9 million tons of copper and 450 tons of gold. The first needs $ 35 million investment, up to 20% of which shareholders are willing to invest, and the investment will pay off in two years, the second - $ 1,5 billion, and production will begin no earlier than 2024 of the year.



“I’ve been engaged in gold projects for some time, and using the example of these two I want to show the fund’s investment philosophy. Maybe some things seem harsh, but it’s very important for contrast,” Alexey Chekunkov perked up. Be it a private investor, Mr. Chekunkov would like to choose Noni: "Payback is two years, the project is ready, you can start mining in six months. You obviously like to invest in this and two million in a million to get." But the fund, he continued, analyzing the projects from the point of view states, assesses them by three composition yayuschim: the "effects, which gives every ruble of budget funds for the economy of the Far East", "risks and limitations" and "implementation aspect - how the project is ready."

"On this basis, it happens that the best enemy of good is that we have one gold ore project in the number of realized ones, which is much more complicated than Noni, but that's why the state decided to support it, where hundreds of millions of dollars are invested, GRP is seriously twisted. And for a project where there is a strong private investor with sufficient resources, our cheap long money, roughly speaking, will only increase the profit of a private investor. "Such projects, the government looks, let's say, not in the first place. And the state's support and funds are not being implemented, "said Aleksey Chekunkov.

"Malmyzh - I think the project is from a completely different pole, a huge project with low grade in ore. And it is at the beginning of the path. It is a world-class facility, and the government supports foreign investors who are ready to work in Russia. In this sense, you need us it is necessary to cooperate, regardless of whether we can invest in the project. And secondly, of course, such a project should be funded with risk capital, "said Alexey Chekunkov.
In the open part of the discussion Mr. Chekunkov still asked a lot about what. About whether, for example, does the fund have preferences for working with banks ("There is no discrimination of banks, we work with everyone," he assured) and why it focuses on projects worth closer to 1 billion rubles, but not less than 500 million rubles , although in the government resolution the threshold of 250 million rubles is fixed ("In exceptional cases, if the project is replicable and breakthrough, we are ready to work with a project of any size," Mr. Chekunkov replied).

“Do you attract money for investment projects, but are you supposed to have a vacation?” Another entrepreneur asked. "A very good question. For all projects related to capital construction, including through loans, as a rule, it is stipulated that payments to the fund for the construction period, plus or minus two years, are not made. True, if we see that the operating company can pay a coupon, we offer to do it ", - explained Alexey Chekunkov.

However, even more questions were asked to the general director of the fund at bilateral meetings that took place immediately after the investment session. He himself admitted that he was satisfied with what he heard - some of the projects could be included in the promising fund portfolio for 2016 year. The authorities of the region also did not leave disappointed: obtaining co-financing for at least one project for them under the conditions of tight budget constraints is already a victory. "The investment session, in my opinion, was quite substantive: we did not just hear the possibilities of the fund, but also could see its accumulated practice using examples of projects, even if it is small. I think business representatives who would like to work with the fund got enough information, and we are ready to continue to cooperate with all those who claim to fund the fund, ”said Vasily Shikhalev, the first deputy chairman of the government of the Khabarovsk krai for economic issues.