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Canadian corporation Kinross Gold examines opportunities for potential investments in Chukotka Autonomous District

The meeting with the chief executive director of the corporation "Kinross Gold" Paul Rollinson was conducted by the head of the Ministry of Natural Resources of Russia Sergey Donskoy. The meeting participants discussed the results of the production and exploration activities of the corporation in Russia, as well as the opportunities for potential investments of the company, both in the Chukotka Autonomous District and in other regions

Canadian corporation Kinross Gold examines opportunities for potential investments in Chukotka Autonomous District
S. Donskoy informed about the activities carried out by the Ministry of Natural Resources of Russia to improve the investment climate and increase the investment attractiveness of the mineral and raw materials sector of the Russian economy, according to the website of the Ministry of Natural Resources.

“To prevent a reduction in exploration and improve the investment climate, we will continue to build transparent, objective, comfortable conditions for subsoil use in the Russian Federation, including through improving Russian legislation in the field of subsoil use, taking fiscal stimulus measures and reducing excessive administrative barriers” noted the minister.

The task for the near future, he said, is the introduction of norms that create conditions for the growth of the investment attractiveness of subsoil use and increased competition in the market.

According to S.Donsky, this year a new classification of reserves and forecasted resources of solid minerals will be adopted. The most important task at 2016 is the development of the Strategy for the development of the mineral and raw materials base of Russia, whose goal is to ensure a balanced reproduction of mineral resources necessary for both domestic consumption and export.
It is planned to put into operation an economic model that provides for the deduction of exploration costs from the corporate income tax.

As an economic measure to stimulate an advanced geological study, it is proposed to provide a multiple increase in the amount of a regular payment in the event that the terms of geological exploration of subsoil resources established in the license are extended. "At the same time, we intend to introduce a mechanism for deducting part of the costs of geological exploration after an extension of the geological study period," the head of the Ministry of Natural Resources of Russia said.

It is also envisaged to exclude all manifestations of minerals from the category of subsoil plots of federal significance, as well as to establish the possibility of repeatedly changing the boundaries of subsoil plots.

For his part, P.Rollinson noted that the company will continue to actively conduct exploration work in close proximity to its major mining facilities - Kupol and Dvoynoy, it is also exploring other opportunities for investment.