Saturday, June 23, 2018

Sverdlovsk region's investment commission approves priority projects

The Sverdlovsk region's commission on investment and infrastructure approved two priority investment projects on Monday-- the construction of the Cheremukhovskoye mine and ProLaym lime plant.

Sverdlovsk Economy Minister Dmitry Nozhenko, according to a press release, announced the two projects in a conference where he explained that the construction of the mine, a bauxite-generating subsidiary project of Sevuralboksitruda, that will last five years and will be split into two stages. Construction of the mine is expected to be complete in August 2018 at a total cost of $160 million.

The mine is expected to create 758 permanent jobs in the region with an average 2018 starting salary of $1,628 per month. Bauxite production in the region is expected to double with the opening of the mine, which is expected by 2018.

"For Severouralsk Sevrualboksitruda certainly is the main enterprise, and the regional government is important that production capacities were increased to venture aluminum industry using local raw materials," Sverdlovsk government Chairman Denis Pasler said.

Meanwhile, the ProLayma lime plant will also under a two-part construction plan later this year and is expected to open in 2019. When complete, the $120 million plant will create 153 new jobs and will produce nearly two million tones of lime each year.

"I want to warn investors that the status of priority investment projects of the Sverdlovsk region includes not only tax incentives, but also adherence to the project schedule," Nozhenko said. "Thus, the backlog of targets punishable removing status, which does not restore, as well as repayment of funds to the treasury."

The Sverdlovsk region's current priority investment program gives businesses a five-year exemption from property tax as new job-generating facilities are being created. Additionally, participating businesses receive a reduction of interest on income tax form 18 to 13.5 percent for give years.

"Two of the projects that we have reviewed today, not accidentally receive such significant tax incentives and government support area," Pasler said. "Each of them gives a serious economic and social sustainability of small towns."