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Belgrade
28/05/2024
Mining News

Brskovo mine will have a positive impact on the community

The north of Montenegro expects a strong economic impulse, which will be contributed to by the development of the Brskovo mine project, which is managed by Tara Resources, the company announced.

“Successfully completed phases of research and preparation of studies indicate that this project will bring significant benefits to the Montenegrin economy as soon as the necessary permits are obtained and as soon as the construction and operational phase begins,” the announcement states.

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The company said that, on a macroeconomic level, that project, which will strictly adhere to the highest environmental standards, opens the door to significant revenues for Montenegro.

“It is expected that the contribution to the state budget will amount to more than EUR 400 million during the duration of the project. This amount includes EUR 200 million from the concession fee and corporate taxes, as well as an estimated EUR 200 million from payroll taxes, electricity fees, fuel excise and toll fees, use of railway and port infrastructure,” the statement states.

In addition, the Brskovo project will become one of the largest exporters from Montenegro with an annual export revenue estimated at around EUR 100 million. The estimated amount of foreign direct investments for this project amounts to about EUR 180 million during the two-year period, which will contribute to a significant increase in the gross domestic product of Montenegro to about EUR two billion during the duration of the project.

“As far as local economic development is concerned, the Brskovo mine will have a positive impact on the community, as it will become the largest private employer in the north of Montenegro. It is planned to employ more than 550 people during the 16-year operational life, with additional opportunities for indirect employment and contracting with local service providers. The company will provide competitive and attractive employment conditions, with the goal that more than 90 percent of jobs will be occupied by citizens of the northern region, for whom training, training and skill development will be provided,” said Tara Resources.

The Brskovo project will also contribute to the local economy through a concession fee in the total amount of 50 million EUR during the duration of the project, which is about 3.5 million EUR per year, which is equivalent to the current budget of the Municipality of Mojkovac. This amount will strengthen the economic stability of the local community and contribute to the development of the region’s infrastructure.

The planning of activities in the Brskovo mine is, as specified, carried out in accordance with the highest EU standards and current regulations in Montenegro in the field of environment, health, safety and international best practices for mining, waste and water management, with restoration and remediation of the damage caused during former mining operations in Mojkovac.

 

Source: Investing Montenegro

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