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Chukotka’s GRP to double in 2020 after launch of new gold-copper deposit

It is expected to amount to $2.47 billion

© Yevgeniy Orlov/TASS

MOSCOW, October 26. /TASS/. After launch of the Baimskoye gold-copper deposit, which is among the world’s biggest undeveloped deposits of copper and gold, Chukotka’s Gross Regional Product (GRP) will double in 2020, the local authorities say.

"We estimate the GRP in 2019 will make 79.6 billion rubles ($1.2 billion), and in 2020 it will be 162.9 billion rubles ($2.47 billion) after the Baimskoye ore deposit is launched," Head of the regional Economy Department Larisa Goncharova said during discussions at the State Duma on Thursday.

The project, about selling which to Kazakhstan’s KAZ Minerals has agreed a company of Chukotka’s former Governor Roman Abramovich, includes construction of a mining-processing plant.

In September, the Ministry of the Far East’s Development forecasted the GRP would be growing by 45 billion rubles ($680 million) a year after the project begins, expecting new investments of 360 billion rubles ($5.5 billion). In July, Chukotka’s Governor Roman Kopin said with exploitation of the Baimskaya ore zone, the regional budget would not need state subsidies any longer.

Budget for 2019-2021

Chukotka’s new budget for three years will have a surplus beginning from 2019, after a deficit in 2018, the regional government said.

The surplus within three years will exceed 3.2 billion rubles ($48.5 million). The region will use this money to settle its debts, the authorities said.

The budget’s expenses in the current year will make 29.6 billion rubles ($449 million), the revenues - 29.2 billion rubles ($443 million), while in 2019 the revenues will be above expenses - 31.6 billion rubles ($479 million) against 31.1 billion rubles ($472 million), the region’s representative told TASS.

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