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. Last Updated: 07/27/2016

Chukotka Promised $2Bln Investment

Itar-TassAbramovich and Fradkov taking a tour of the Peoples of Chukotka anthropological museum in Anadyr on Tuesday.
Prime Minister Mikhail Fradkov on Tuesday approved a proposal by Chukotka Governor Roman Abramovich to spend $2 billion of federal government money over the next 12 years on boosting gold mining and other industries in the Far East.

Under Abramovich's development program, through 2020, another $2 billion should come from private investors. Fradkov endorsed the program as he presided over a meeting of regional and federal officials in Anadyr, the regional capital.

"So get ready to work, Roman Arkadiyevich. Get your people ready," Interfax quoted Fradkov as saying.

While Abramovich attended the meeting, his first deputy, Andrei Gorodilov, presented the proposal. The federal government should help the region prospect for natural resources such as gold, maintain existing roads, airports and power stations, and build new ones, Gorodilov said.

Fradkov praised Abramovich for his efforts to keep the region running and improve its economy since becoming governor in December 2000. Abramovich offered his resignation as governor to President Vladimir Putin in December, but later agreed to stay on.

Fradkov visited Chukotka as part of a three-day trip in the Far East that he is making at Putin's request to review development opportunities, the Cabinet's press service said.

The federal government believes the region has many more hard-rock gold fields and could fund more prospecting work as part of the program, Deputy Natural Resources Minister Alexei Varlamov said in Anadyr.

The country's leading gold miner, Polyus, agreed that Chukotka has a larger gold-mining potential and said the company would consider bidding for any future licenses in the region.