Tigers Realm Coal (TIG) has signed an updated agreement with the regional government of Chukotka, Russia, to strengthen co-operation in developing the Beringovsky metallurgical coal basin and associated transport, logistics and energy infrastructure.
TIG owns 80% of the Amaam metallurgical coal project in Chukotka in Russia’s Far East. The project covers two areas: Amaam and Amaam North.
Under the co-operation agreement, the government of Chukotka will assist TIG in obtaining permits and accessing infrastructure owned by other Russian governments, including the Russian federal government. Coal from the projects would be transported to local ports for export – from Amaam North through the existing Beringovsky port and from Amaam through a proposed new port at Arinay.
For its part, TIG will aim to begin production of coal from its projects in 4Q16, reaching production of 0.5 million tpy by 2018. It has also committed to creating at least 100 local jobs to support the mining and transportation of coal.
Separately, two TIG companies were awarded certificates of residency, allowing them to access various benefits, including the opportunity to access financing from the sovereign Russian Far East Development Fund and an exemption on taxes for the first five years of the company’s investment projects.
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/14092016/tig-updates-co-operation-agreement-2016-2419/