Vysochaishy hopes for state support of Ugakhan and Krasny

Nadezhda Ivanova's picture

Vysochaishy expects to receive state support for projects to develop the Upper Ugakhan and Krasny gold deposits in the Irkutsk region, the press centre of the regional government reports.

The company presented the projects to the investment council of the Irkutsk region, where it was decided to recommend the regional Ministry of Economic Development to include the projects in the register of participants of regional investment projects, as well as to organize an application for competitive selection in the Ministry of Economic Development of the Russian Federation, planned for implementation in the Baikal region.

As the press centre explained, the contest is scheduled for March this year. In case of victory in the contest, Vysochaishy will receive investments for the creation/modernization of the GOKs infrastructure. The status of the regional investment project gives the investor the right to take advantage of the income tax benefits (in the part credited to the federal budget - 0% during 10 tax periods and in the part credited to the budget of the Irkutsk region - 0% during the first 5 tax periods and 10% - during the next 5 tax periods).

"The development of the Ugakhan field will contribute to the continuation of the company's activities in the Irkutsk region and the maintenance of the level of tax deductions to budgets of all levels". The new Ugakhan GOK will create an additional 500 new jobs, Krasny GOK - 300-400 jobs," - the report says.

As it was reported, Vysochaishy intends to bring the Ugakhan GOK to full production capacity before the end of 2017. The mill at the Ugakhan field will process 2.6 million tons of ore per year, which will ensure the annual production of up to 3 tons of gold. The deposit's reserves make up 49.02 tons of gold.

The annual production of gold at the project of the Krasny deposit (Vysochaishom owns 51%, Swedish Kopy Goldfields 49%) in the Irkutsk region, according to preliminary calculations, will be about 1.5 tons. The construction of the GOK at the Krasny deposit is scheduled for 2018.

Vysochaishy is one of the ten largest gold mining companies in Russia. The company's portfolio includes 13 licensed sites, the total resource base is 632 tons (20.32 million ounces) of gold.



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