21 June 2016

    An agreement on co-operation was signed between the Australian company Tigers Realm Coal Limited and the government of the Chukotka Autonomous Area on the sidelines of the St. Petersburg International Economic Forum. The company plans to engage in mining energy and coking coal within the scope of the Beringovsky Priority Development Area, according to the Vostok Media portal.

    According to the documents, Tigers Realm Coal Limited undertakes, in the first phase during 2016–2017, to finance construction of the first stage of facilities for mining energy and coking coal in the amount of up to RUB 1 billion and to create at least 100 new jobs. The Chukotka administration, in turn, committed to provide comprehensive support to the foreign investors.

    It is anticipated that the first batch of coal will be mined this year.

    Previously, geological prospecting work was carried out along the coastline of the Gulf of Anadyr in the Bering Sea, revealing several major coking coal fields. Open-cast mining, proximity to the sea and possibility of transporting the coal by sea potentially place the Chukotka coal fields among the most competitive in the world.