Opening of a new coal mine in Russia… and attention to Asian markets

Today, Monday, the Republic of Sakha (Yakutia) hosted the opening ceremony of a coal deposit as part of the Eastern Economic Forum, which is currently taking place in Vladivostok, Russia.

The opening ceremony, which was held using video technology, was attended by President of the Russian Republic of Yakutia Isin Nikolaev and Deputy Minister of the Russian Federation for the Development of the Far East and the Arctic Anatoly Bobrakov.

“Today we are witnessing an important event for the coal industry of the republic, when the Silakhskoye coal mine was launched with an expected production volume of 6.5 million tons per year,” said Nikolaev.

In an interview with RT, the President of the Russian Republic of Yakutia indicated that it is planned to pump in investments in the amount of 21 billion rubles ($346 million), and these funds will be pumped in stages over 3 years.

In terms of sales markets, Nikolaev said that the most important target markets are China, the Asia-Pacific region, and, of course, part of the coal produced will be sent to the domestic market (Russian Republic of Yakutia).

The official added that in 2022, Yakutia ranked second in Russia in terms of coal production. According to Nikolaev, the reserves of the Silakhsky deposit amount to more than 700 million tons of coal.

A visual presentation of the Russian Republic of Yakutia in its pavilion at the Russian-Eastern Economic Forum showed that the planned investments will be directed to the development of the field, the construction of a railway station and infrastructure facilities, and the project involves the creation of 1,170 jobs.

(dollar = 60.60 rubles as of September 5, 2022)

Source: RT

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