A new placer gold mining enterprise will be established in the Chukotka Autonomous Area, following a decision made at the 10th Eastern Economic Forum in Vladivostok, the Ministry for the Development of the Russian Far East and Arctic announced.

The cluster will be based on the Nutekin deposit and is expected to produce around 700 kilograms of chemically pure gold annually. The project will attract investments totaling 7 billion rubles and create 300 new jobs in the region.

“Chukotka will gain another high-tech enterprise, providing new employment opportunities for local residents and additional tax revenues for the region. These resources can be directed towards improving people’s quality of life. Every new enterprise strengthens Chukotka’s economy and helps deliver progress in the social sphere,” Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev said.