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From 2015-2016, funding for the exploration of solid minerals in Eastern Siberia and the Far East will increase - the Ministry of Natural Resources

The task of increasing the investment attractiveness of projects for the exploration and production of solid minerals in Eastern Siberia and the Far East is now considered a priority. This was stated by the Minister of Natural Resources and Environment Sergei Donskoy, speaking in the Federation Council at the "government hour".

He said that a number of the most promising territories had been selected for exploration, "the so-called growth centers within Eastern Siberia and the Far East, specialized in various types of minerals." “Within this macro-region, starting from 2015-2016, the amount of funds from the federal budget for geological exploration will increase to 40% of the total budget funding provided by the state program for the search and assessment of solid minerals,” said the head of the Ministry of Natural Resources.

He noted that the creation of a prospecting reserve for the most popular types of minerals, measures to expand the throughput capacity of the BAM and Transsib and increase the energy security of projects will increase the investment attractiveness of projects for their extraction. “Together with the interested federal authorities, we are synchronizing the development time of ore deposits and production levels with the pace of development of the necessary supporting infrastructure,” he added.

From the point of view of the Far Eastern Federal District, an important measure was the adoption of tax incentives for income tax, property tax and mining tax on priority investment projects in the Far East. “The severance tax rate for the extraction of hard-to-recover oil reserves has been lowered, which will stimulate subsoil users to engage in the development of fields with hard-to-recover oil reserves,” the minister said to the senators.

According to S. Donskoy, the ministry is working on solutions aimed at targeted support for geological exploration. These include the establishment of deductions for the cost of conducting geological exploration from the mineral extraction tax, installment payments for the right to use subsoil and an increase in fees for the use of subsoil for subsoil users that violate the terms of geological exploration. In 2014, it is planned to introduce a mechanism of preliminary guarantees for plots of federal significance of the pioneers and the declarative principle of granting rights to the geological study of the subsoil.

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