The increase in the mineral tax (MT) for metallurgists by 3.5 times will not affect the investment activity of the Baikal Mining Company, the size of investments in the development of the Udokan copper deposit is not going to decrease, the press service of the company has reported.«A multiple increase in the mineral tax rate will not affect the investment activity of the company, the implementation investments size will not decrease,“ the BMC said. At the same time, the company is considering using the SZPK mechanism in the development of the Udokan deposit to avoid the risks of a possible change in tax legislation. The mechanism makes it possible to save and encourage investments by guaranteeing not changing the conditions of investing projects realization. At present, the BMC’s investments in the development of the Udokan copper deposit are 112.5 billion rubles. It is worth noting that this amount does not take into account the investments into the project in the amount of $ 952 million made before joining the Zabaikalye TOR (the territory of advanced development) to acquire a license, to research, to design and implement the advanced construction work, ” the company noted. The construction of the technological complex and the entire infrastructure on Udokan is proceeding according to the schedule, despite the coronavirus pandemic, the company told TASS. The completion of the work is planned for 2022.
Translated by ILYA MIKHIN