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Progress Report on Investment ProjectIn 2013 the investors, proceeding from the situation in global commodity markets and falling prices on raw materials and minerals, decided to divide the Investment Project “Integrated Development of South Yakutia” into first and second phases.
“Integrated Development of South Yakutia”
as of September 01, 2015
Projects of the first phase include the Inaglinsky Coal Complex (investor: LLC MC Kolmar) and Taezhny MPIW (Investor – CJSC MMC Timir) with respective infrastructure.
Inaglinsky Coal Complex construction times: 2012-2017
Infrastructure for the Inaglinsky Coal Complex:
- railroad Chulbass – Inaglinsky Coal Complex (Inaglinsky CC);
- 110 KW substation, HV-110 to Inaglinsky coal preparation plant.
The development of design documents for construction of the Inaglinsky CC was completed in 2009, with positive conclusions of General Board for State Expert Review and the construction permit obtained.
In 2014 the financing of construction on the railroad Chulbass – Inaglinsky CC in the amount exceeding 2.6bn rubles was included in the Federal Target Program (FTP) “Development of Russia’s Transport System (2010-2020)”. In November 2014 construction of the railroad commenced.
In June 2015 the Russian Government decided to support six investment projects in the Far East, one of them being the project of construction on Inaglinsky CC, and has already allocated 560m rubles for building a high-voltage line and a 110-KW substation for Inaglinsky.
Taezhny iron-ore MPIW construction times: 2014-2017
Infrastructure for Taezhny MPIW:
- railroad from Taezhnaya station to Taezhny MPIW;
- 110-KW substation and HV-110 to Taezhny MPIW.
In late 2014 the Ministry for Development of Russian Far East included the financing of HV-line construction to Inaglinsky CC and Taezhny MPIW as well as the financing of construction on the railroad to Taezhny MPIW in FTP “Economic and Social Development of Russian Far East and Baikal Region until 2018”.
In June 2015 the Russian Government decided to support six investment projects in the Far East, including the construction on the first phase of Taezhny MPIW, and to allocate 1.62bn rubles for the construction in 2016-2017 of a 110-KW substation as well as a railroad to Taezhny MPIW.
The cost of construction on first-phase facilitiesThe cost of construction on first-phase facilities will amount to 40.3bn rubles, including 4.8bn rubles as the requisite government support for infrastructure creation. Thus about 7 rubles of private investments will presumably be attracted per 1 ruble of public investments.
Government keeping to its commitments on the Investment AgreementIn 2009-2011, all executives in charge of the Project obtained 100% of the funds earmarked for the design of infrastructure as well as Kankunskaya HEPP and Elkonsky MMC, to the tune of 7.4bn rubles.
Financing from investorsTotal private equity financing of the Project since its launch, including the outlay at the pre-project phase, came to about 20bn rubles, with Project passport commitments amounting to 2.6bn rubles.
Design of infrastructure and other projects at the expenseBy now the funds of the Russian Direct Investment Fund paid for the design of transport infrastructure for Elkonsky MMC, Taezhny and Tarynnakhsky MPIW, Kankunskaya HEPP and Inaglinsky Coal Complex, with electricity grid infrastructure projects entering the concluding stage. In 2013 the design of Kankunskaya HEPP was completed at the expense of the Russian Direct Investment Fund.
of Russian Direct Investment Fund
On February 11, the Russian Government instructed the Federal Agency for Subsoil Use (Decree #204-p from February 11, 2015) to hold an auction for the right of subsoil use. The auction’s initial date was July 29, 2015, with the initial payment standing at 4.1bn rubles.
The auction did not take place and was pushed back, however.
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