Russian Federation Deputy Minister for the Development of the Far East Dmitry Shelekhov has confirmed the funds of RUB32bn ($1bn), but did not disclose the source.
Meanwhile, the development of the world’s third largest mine is said to increase the company’s gold production by two-fold by 2018, reported rt.com.
Magadan Oblast Governor Vladimir Petcheny stated that the mining of precious metals is a lifeline for the local economy.
The company earlier stated that it would invest $14m over the one month period in May to install a pilot plant and additional $8.7m to complete a feasibility study.
Further, the company is expected to have the capacity of 15 tons of gold by 2014.
