TASS, August 12. New business residents of Chukotka’s Arctic zone - Arcticgeoldobycha and GOLDARCTIC - by 2027 will build up the production of precious metals to 400 kilograms, press service of the Corporation for the Development of the Far East and the Arctic said.

"Before the end of year 2022, the new residents will formalize all the licenses, and the geological works and mining in the Providensky, Iultinsky and Chaunsky Districts are due in 2023," the press service said. "Before 2027, the production of precious metals will be about 400 kilograms - every company will produce between 16 and 50 kilograms a year."

Arcticgeoldobycha plans to buy and upgrade an equipment warehouse, and GORLDARCTIC will buy equipment and will also upgrade a warehouse for it.

Chukotka’s 86 business residents in all preferential regime areas have invested in the regional economy more than 66 billion rubles ($1.08 billion) and offered 2,200 jobs.