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The TOR law should ensure the inflow of investments into geological exploration

The TOR law should ensure the inflow of investments into geological exploration
Special project TORA and Free Port

Roman Panov, General Director of OJSC Rosgeologia:

- We hope that the adoption of the law on priority development territories (PDA) will have a positive effect on the development of the mining complex in Russia and will be an important and positive addition to the policy of attracting investments to Eastern Siberia and the Far East, which is being implemented by the state today.

These regions are, perhaps, the most promising, both for the development of the mineral resource base in Russia, and for the economy of our country as a whole.

We have repeatedly said that now their territory is poorly studied geologically, there are many "white spots" here and there are good opportunities for making meaningful discoveries. However, the volumes of geological exploration conducted here today are extremely small and clearly insufficient for the effective development of the mining complex. Exploration is carried out in limited quantities, mainly regional works (early stages of the study of the territory, allowing to assess its prospects and draw conclusions about the feasibility of further research) financed from the budget. Private investment in geological exploration, despite all the prospects of the region, is practically not implemented.

It is very important from this point of view that the draft law on TORs proposes to establish a ten-year reduction factor at the rate of the mineral extraction tax.

This should be a serious incentive for investors to go into geological exploration, to embark on the implementation of mining projects.

In conjunction with other benefits provided by the bill, it can also contribute to the development of a junior business in the extractive complex. The work of just such companies in many respects contributed to the study of the territory of Canada, Australia, which are generally recognized world leaders in the extraction of mineral resources.

It is worth remembering the need for an integrated approach to the development of territories. The primary geological study of the region would allow us to correctly plan the development of its resources, which would minimize the costs of infrastructure construction, the solution of the transportation issue, and the provision of power supply. And here Rosgeology as a specialized operator would be ready to offer the implementation of such a program as quickly as possible.

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