MOSCOW TIME: 25.04.2024 19:06:48
Governor of the Chukotka Autonomous District Roman Kopin and CEO of Tigers Realm Coal Limited Peter Andrew Balka have executed a bilateral Cooperation Agreement between the Australian company and the Government of the Chukotka Autonomous District.
Governor of Chukotka signs cooperation agreement with Director of Tigers Realm Coal Limited Peter Balka
Governor of the Chukotka Autonomous District Roman Kopin and CEO of Tigers Realm Coal Limited Peter Andrew Balka have executed a bilateral Cooperation Agreement between the Australian company and the Government of the Chukotka Autonomous District. We remind that the geological exploration work carried out recently at the coast of the Gulf of Anadyr, the Bering Sea, resulted in the discovery of several large deposits of high quality metallurgic coal. Open-cut mining, close vicinity to the sea and possibility of transporting coal by maritime transport potentially make the Chukotka coal deposit one of the most competitive in the global market.
The Cooperation Agreement formally records the Chukotka Government's intention to provide comprehensive support to implement a project aimed to boost the company's output to 10–12 mln tonnes per annum.
The Australian company undertakes to ensure that the first phase to be implemented in 2016-2017 receives financing equal to RUB 1 billion to erect thermal and metallurgic coal production facilities. It is expected that the first coal shipment will be produced as early as in the 4Q this year.
We note that deposits belonging to the Bering coal basin are developed within the 'Beringovsky' advanced social and economic development territory created in September 2015.
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