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"We hope that we have come to Yakutia for a long time"

Canadian businessmen are more concerned about the not aggressive rhetoric of Ottawa, and Moscow's policy towards the development of the Far East

"We hope that we have come to Yakutia for a long time"

Of the major mining projects being implemented in Yakutia, the most vulnerable to the sanctions regime imposed on the Russian economy was to be the development of the Mangazeya silver deposit in the Kobyaysk region of the republic, which is being carried out by the Canadian Silver Bear Resources Inc. through a XNUMX% subsidiary of CJSC Prognoz. However, the company is not afraid of sanctions.

Silver Bear Resources Inc. works through CJSC Prognoz in the Mangazeyskoye field in Yakutia with 2004, the total investment has already reached about 2 billion rubles, mainly geological exploration and other expenses for the preparation of the field. Last fall, the company received a mining license for the Vertical site for 20 years. In March of this year, the preliminary economic assessment of the project was completed.

According to the president of Silver Bear Resources Inc. Mark Treviziol, according to the plans for the project, a feasibility study (feasibility study) has been started according to Russian and international standards. Investments in excess of 10 million have already been attracted for these purposes. The preparation of the feasibility study and the receipt of the package of all necessary documentation is given about 15 months. Further, the company intends to start the creation of a mining processing plant in the Kobyai district of Yakutia, which, with access to the designed capacity, will process up to 300 tons of ore per day, producing annually up to 80 tons of silver. Directly the company itself will create new 200 jobs, another 300 will be required to support the project. It is supposed to attract local specialists.

In turn, the Minister of Economy of Yakutia Valery Maximov told reporters at the end of October that today there are no obstacles to the successful implementation of the Mangazeya project. Despite the loud statements by the Canadian government, which is following the policy of tightening sanctions against the Russian economy, the leadership of Silver Bear Resources Inc. last summer made a working visit to Yakutsk, where it held a meeting with the head and government of Yakutia.

“The company's president, Mark Treviziol, stated at the meeting that the Canadian side would even like to speed up the originally planned project implementation dates, in which he hopes for support and assistance from the republican authorities,” said V. Maximov. It must be assumed that it was primarily about helping to overcome administrative barriers and support if Russia applied any retaliatory sanctions to Western business.

According to M. Treviziola, the initial plans included completing the feasibility study in 2015 and entering the markets to attract additional funding. Further within 18 months it is planned to build on the site of the Vertical Mangazeyskoye mine production, which already in 2017 should reach the design capacity. At the same time, he said, the North American exchanges have already reacted to the Yakut project "Silver Bear Resources Inc.".

"The very receipt of a license for the Vertical site passed unnoticed for the market, in North America another regulatory system, where licenses are fairly" naive. " But when we published the preliminary economic evaluation of the Mangasee project, the stock quotes of "Silver Bear Resources Inc." almost doubled, "M. Treviziol said.

According to preliminary estimates, the cost of producing one ounce of silver per Vertical plot will be about 7 dollars. After the peak prices in July, now the quotes of silver fell to 16-17 dollars per ounce, but even in this market situation, the Maneghausi project remains attractive. In addition, the deposit is unique in that it also explains the high profitability that the ore deposits are located shallow from the surface, easy to extract and characterized by a high metal content.

"The license was obtained for 20 years, but the reserves of the field allow making plans for longer periods. We hope that we have come to Yakutia for a long time, "the president of Silver Bear Resources Inc. said. It is noteworthy that CJSC Prognoz has already concluded cooperation agreements with a number of municipal entities where the work is carried out and will be conducted, as well as with the Association of Indigenous Peoples of the North of the Republic of Sakha (Yakutia).

Answering the question about how the political situation affects the company's plans, M. Trevisiol did not say a word about the sanctions, but with great enthusiasm he began to talk about the prospects associated with the policy of the Russian leadership regarding the development of the Far East - preferences for newly created industrial production , tax incentives and special economic regimes.


CJSC Prognoz, a subsidiary of Silver Bear Resources, owns two licenses for the exploration and mining of silver in Andybal area in Kobyai district of the Republic of Sakha (Yakutia). According to the results of geological exploration, the mineral base of the Vertical deposit is estimated by industrial categories С1 + С2 - 1147,7 tons of silver with an average silver content of 660 g / t. The forecasted silver resources of the licensed area (Vertical, Lower-Endybal, North-West and Mangazey) tested at TsNIGRI are about 7 thousand tons. 

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