In the Magadan region, they plan to start mining copper and zinc
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The Magadan region plans to diversify its economy and start mining copper and zinc, said Deputy Prime Minister of Russia, Minister of Industry and Trade Denis Manturov during a working trip to the region.
“We are counting on a new direction for copper deposits. Not only gold. Zinkov. The business community makes preliminary assessments. And interested in the implementation of these projects. And in order for all this to be implemented, there must be a social component, ”said Manturov (quote from “RIA News”).
At the moment, in the Magadan region, mainly gold, silver and coal are mined. It is noted that the volume of gold production has been growing for several years in a row due to the commissioning of several mines in the Tenkinsky district.
In autumn 2020 the government decided to raise severance tax for metallurgists by 3.5 times in order to withdraw excess profits formed due to a sharp increase in world prices for metals. World copper prices have been rising since March 2020
At the beginning of March 2022, against the backdrop of the beginning of Russia’s NWO in Ukraine, the price of the metal updated its historical high of $10,674/t, according to the London Metal Exchange. But since mid-March, prices began to decline, caused, among other things, by an outbreak of coronavirus in China (Vedomosti wrote about this on April 5). In mid-July, the price fell to $7,170/t, the lowest since November 2020. On August 16, copper futures traded at $8,005/t.
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