proposed release minerals tax far east russia

FAR EAST WILL BE RELEASED FROM MINERAL EXTRACTION TAX

The Minister of Natural Resources of the Russian Federation has put forward a proposal to the Prime Minister to eliminate royalties on coal extraction for the Far East region where TIG's Amaam North and Amaam deposits are situated. Currently, the royalty is 57 Roubles per tonne of saleable coal, which equates to ~US$1.75/tonne. While already low, the proposed elimination of the royalty demonstrates the support the Russian Government has for coal projects such as Amaam North and Amaam. An English translation of the document may be found on our website in the "Doing Business in Russia" section.