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11 June 2018

Plan of Development of Pavlovskoe Deposit on Novaya Zemlya Has Obtained a Status of a Priority Project of Arkhangelsk Region

5 March 2018

Following the results of a session of the Committee for Investment Policy and Promotion of Competition under jurisdiction of the Governor of Arkhangelsk Region the plan of development of Pavlovskoe lead and zinc deposit has obtained a status of a priority investment project. The priority status assigned to the plan will grant first of all further aid to the region and ensure support during all stages of its implementation. In particular, it is stipulated to provide tax incentives in regard to the tax on income and property as well as other preferences for the operator of the project of The First Ore Mining Company, JSC.

“Taking into consideration the fact that the project is implemented in the Arctic Zone of our country we use all possible mechanisms of state support for the purpose of strengthening of investment attractiveness of the project for third-party investors and involvement of non-budgetary sources. Support of the leaders of our region is vitally important for us. Obtaining of the priority status will allow us to pretend to granting of regional tax incentives in amount of 0.5 bln roubles. Successful implementation of the project, in addition to a contribution to social and economic development of the Arctic Zone of the Russian Federation, will allow increasing the growth of the gross regional product of Arkhangelsk Region and creating more than one thousand working places,” Igor Semenov, First Deputy Director General – Executive Director of The First Ore Mining Company, JSC, said.

For reference:
Since 2013 The First Ore Mining Company, JSC (enterprise of the Ore Mining Division of State Atomic Energy Corporation Rosatom) has been implementing an investment project in the Arctic Zone of the Russian Federation on creation of an ore mining manufacturing complex on the base of silver-containing lead and zinc deposit of Pavlovskoye (the southern island of Novaya Zemlya Archipelago, Arkhangelsk Region). Pavlovskoe deposit is one of the largest polymetal deposits in the Russian Federation (lead and zinc).

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