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6 April 2018

Urgalugol receives a subsidy of 320 million roubles (about US$ 6 million) for coal deposit development in the Khabarovsk region

According to the Ministry of Economic Development of the Russian Federation, Urgalugol (part of SUEK Group) has received a subsidy of 321.5 million roubles (about US$ 6 million) to recover costs of infrastructure development for a coal deposit in the Khabarovsk region.

The tranche in the amount of 321.5 million roubles (about US$ 6 million), according to the report, is aimed at reimbursing expenses for the construction of a single-circuit overhead power line and a process road from the Pravoberezhny open pit to the Chegdomyn processing plant at the Urgal coal deposit.

It is noted that the investor plans to complete and commission two more infrastructure facilities by the end of June – the Pravoberezhnaya substation and the railway for the Chegdomyn processing plant. The maximum amount of reimbursement in the form of subsidies for these facilities may total 447 million roubles (about US$ 8 million).

The first payment of 241.5 million roubles (about US$ 4 million) was received by the company last December. It was aimed at compensating the costs of constructing the single-circuit overhead 110 kV power line for Urgal – Plant No. 2.

According to the Ministry, in 2015, a state subsidy was approved for Urgalugol. Its purpose was the construction of infrastructure for the delivery of the project to increase coal production and build a processing plant at the Urgal hard coal deposit. The state support mechanism provides for the reimbursement of own or raised costs of the investor for constructed and commissioned infrastructure facilities.

It is noted that the project assumes an increase in the production capacity of the Severnaya mine to 7.1 million tonnes per year, the construction of a processing plant at the Urgal coal deposit in the Verkhnebureinsky district with a capacity of six million tonnes per year, a step-by-step increase in the production capacity of the Bureinsky open pit to three million tonnes and the construction of the Pravoberezhny open pit (target production capacity – three million tonnes).

The total budgeted investment in infrastructure is 1.212 billion roubles (about US$ 21 million). To date, the project has already seen private investment of 22.5 billion roubles (about US$ 390 million), with 99 jobs created.

Source: RIA Novosti
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