Canada Kinross Gold Mining Firm Hopes Positive Cooperation Gets Restored With Russia

Canadian mining company Kinross Gold hopes a positive environment for international economic cooperation with Moscow will be restored soon, Vice-President Stanislav Borodyuk told Sputnik on Thursday.

“It is our hope that a positive environment for international economic cooperation and investments is restored in the nearest future,” Borodyuk said.

Toronto-based Kinross Gold, which has been involved in gold and silver mining since 1993, is set to participate in the Eastern Economic Forum in Russia that will be held on September 6-7 in Vladivostok.

Borodyuk said Kinross Gold’s operations have not been affected by sanctions imposed on Russia by the United States and its allies over the conflict in eastern Ukraine.

Kinross Gold has been investing in Russia for more than 20 years, Borodyuk added.

“Kinross regards the Far East of Russia as a mining destination with a great resource potential,” he said. “The Forum provides us with the opportunity to share our successful experience in investing in the far eastern regions of Russia and to discuss with the Russian government further steps in improving the investment climate in the region.”

The annual Eastern Economic Forum was established in 2015 as a platform for cooperation between business and political representatives from Russia and the Asia-Pacific region. Japanese Prime Minister Shinzo Abe and South Korean President Moon Jae-in are expected to attend the event.

The Russian government has approved the creation of 13 Priority Development Areas (PDAs) in the Far East since the law on PDAs came into force in early 2015. The law seeks to develop Russia’s remote regions by providing tax breaks and other benefits to PDA resident companies, thus spurring investment.

The free port of Vladivostok is a special economic zone established in October 2015, which comprises the city of Vladivostok, as well as a range of Primorsky Territory ports and municipalities. Companies with resident status of the special economic zone enjoy tax benefits, simplified bureaucratic procedures and visa regime liberalization.

Source: sputniknews