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TOR resident at Beringovsky to expand alluvial gold mining zone in Chukotka - EastRussia | Far East

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The resident of the TOR "Beringovsky" will expand the zone of alluvial gold mining in Chukotka

Special project TORA and Free Port
The Far East Development Corporation (KRDA) has signed an agreement on the implementation of the investment project in the TOR "Beringovsky" in Chukotka with OOO Staratelskaya Artel "Sever". The artel was given the status of a resident of the TOP, the press service of the regional government reported. The company became the fifth gold-mining resident of the TOR "Beringovsky".

"North" plans to invest 15 million rubles. In the renewal of mining equipment and, due to tax preferences, reduce the payback period of the project. The investor will carry out activities to develop the alluvial gold deposit on the Tolovka River, the right tributary of the Anadyr River. The tax efficiency of the project will be 65%, "the report said. The company extends the production zone at the expense of the neighboring site, which has received an additional license for the development, and it has a need for updating the mining equipment. As noted, the savings from the application of tax preferences of the TOP will make it possible to get a return on investment in the renewal of fixed assets and, consequently, the further development of the enterprise in a shorter period of time. By calculations, the return on investment will be slightly more than two years. The business plan and package of documents was compiled on a free basis with the active participation of the Chukotka Development Fund.

“The preferences that are granted to residents, in general, make it possible to compensate businesses from 50 to 100% of investments by up to 10 years, which is a stimulating factor for potential residents of TOP. The tax benefits for investment projects in the gold mining industry include the following: it will be possible to pay income tax at the rate of 0% during the first five years from the moment of receiving the first profit instead of 20%, within five years the tax on land and property will be zero percent the tax on subsoil users is reduced, the amount of insurance premiums is also reduced by more than three times, ”says the commentary by the Director of the Development Fund of the Chukotka Autonomous Region, Olga Plotnikova. The Foundation is ready to provide consulting support throughout the life of the project.

TOR "Beringovsky" has 18 residents with projects for 15,2 billion rubles. The projects involve the creation of 1170 workplaces. There are five more investment projects, submitted for implementation in the Chukchi Territory's TOR, under consideration by KRDV.
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