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BRICS to transfer $9.4 mln to Russian budget annually for gold mine development

October 18, 15:01 UTC+3 CHITA
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CHITA, October 18. /TASS/. Tax proceeds to the consolidated budget of Russia’s Zabaikalye Territory for the development of the Klyuchevskoye gold mine, in which mining companies from BRICS countries plan to invest up to $500 mln, will amount to 595 mln rubles ($9.4 mln), according to preliminary estimates, a source in the Governor’s press service told TASS Tuesday.

"Given the project’s parameters, tax proceeds to the consolidated budget of the Zabaikalye Territory will stand at 595 mln rubles annually, net of personal income tax, which cannot be calculated now," the source said, adding that the project will add 700 jobs.

As TASS reported earlier Russia’s Far East Development Fund and companies from Brazil, Russia, India, China and South Africa signed an agreement on the development of the gold ore field Klyuchevskoye in the Zabaikalye Territory within the BRICS summit that took place in India late last week.

Among those involved in the international consortium are China National Gold Corporation (China), SUN Gold Ltd. (India), TransAfrica Capital Limited (South Africa) and an investment fund owned by Antonio de Moraes (Brazil). The targeted participation share of the Far East Development Fund is up to 15%. The formation of the alliance will help accumulate necessary financial resources for bringing the project to the production phase within three years after all permits for its implementation are obtained, the Fund said.

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