VLADIVOSTOK, September 5. /TASS/. Investments in the Sardana ore region development in Yakutia may exceed 20 billion rubles ($225 million), the Far East and Arctic Development Corporation's press service said.

At the Eastern Economic Forum in Vladivostok, the corporation and Nordgold signed a cooperation agreement, regulating the construction of a zinc concentrate production facility.

"In 2024, Nordgold has acquired the Sardana lead-zinc project as part of a strategy to expand the range of extracted metals, and plans to focus on exploration in the coming years," the press service quoted Nordgold's CEO Georgy Smirnov as saying. "According to preliminary estimates, investments in the deposit's development and in construction of an enterprise to produce zinc concentrate may exceed 20 billion rubles."

The corporation's Director General Nikolay Zapryagaev stressed the project would receive a set of state incentives. "Together with the investor, we will determine necessary tax, financial, infrastructure tools and conditions for the most effective implementation of this project," he said. "We will accompany the project at all stages, will help in solving of all related issues."

The Sardana lead-zinc project is located in Yakutia's remote Ust-May District within the Allah Yun mining district. The deposit's reserves in category C2 are estimated at 18 million tons of ore with an average content of lead - 3.23% and of zinc - 10.5%.

Nordgold unites gold mining enterprises in Russia and abroad. The company's headquarters are located in Moscow. In Yakutia, the company is developing the Gross cluster in the Olekminsky District - the Gross and the Taborny mines, as well as promising development projects.

About the forum

The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The Forum is the initiative of Russian President Vladimir Putin, who decreed that the event be held annually.

The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.

The Roscongress Foundation has served as the Forum’s organizer since 2016.

TASS is the general information partner of the EEF.