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Vadim Zhivov and Dmitry Privalov Become the Coordination Council Members for Implementation of the Comprehensive Development of South Yakutia Project
On August 17, 2009 the President of the Republic of Sakha (Yakutia) Vyacheslav Shtyrov signed an order approving the members of the Coordination Council for implementation of the Comprehensive Development of South Yakutia Project. In addition to the representatives of the federal ministries and agencies and the leaders of the Republic of Sakha (Yakutia) the Council includes the General Director of ARMZ Uranium Holding Co (JSC Atomredmetzoloto) Vadim Zhivov and the General Director of ARMZ’ subsidiary CJSC Elkon MMC Dmitry Privalov.
The Coordination Council together with the Investor Representatives Committee is a body which manages the implementation of the investment project. Its authority, in particular, includes supervision over the schedules of work financing and designing of the facilities to be constructed, and control over performance of the mutual obligations of the parties which participate in the project. The first meeting of the Coordination Council is to take place in early September in the Republic of Sakha (Yakutia).
The purpose of the Comprehensive Development of South Yakutia investment project is to create in the Republic of Sakha (Yakutia) on the public-private partnership (PPP) principle a major industrial region which will encompass hydropower industry facilities and a cluster of production facilities which are reliable consumers of power mainly involved in advanced processing of minerals available in the area (natural gas, apatites, coal, iron and uranium ores etc.). The project coordinator is OJSC Yuzhno-Yakutskaya Corporation in which Atomredmetzoloto owns a 25.1% equity stake. As part of the project implementation in 2009 the Investment Fund financing will be used to fund the development of the design documents for the Elkon Mining and Metallurgical Complex.