AUSTRALIAN COMPANY PLANS TO BEGIN COAL MINING IN CHUKOTKA IN LATE 2016
04 July 2016
Preparations have begun for the first phase of development and construction of infrastructure components at the Fandyushkinskoye coking coal deposit, Far Eastern Capital magazine reports.
By the end of this year, Tigers Realm Coal Limited, a mining company resident in the Beringovsky ASEZ, will invest more than USD 17 million in the project. This will make it possible to bring the annual production of high quality coal in this area to 200,000 tonnes by 2017. The mined coal will be shipped to Asia-Pacific countries, including China and South Korea, as well as cover Chukotka’s own needs.
According to Roman Kopin, Governor of Chukotka Autonomous District, the launch of the coal production operation will provide strong impetus to the development of all sectors of the district’s economy and lead to a significant increase in regional revenues and the standard of living of its residents, as well as enable Chukotka to achieve full budgetary self-sufficiency.
“By 2028, Tigers Realm Coal Limited plans to reach an annual production level of 10–12 million tonnes of top quality coal concentrate ranked among the best on the market. During the interim period, we expect increases in many indicators, including employment levels and the development of small and medium-sized enterprises across a number of domains, such as the provision of services to major clients,” the regional head stated.