Major Arctic Investment Project Discussed in Yakutia

Photo: Dolya Sergey/

Major Arctic Investment Project Discussed in Yakutia

More than 130 billion rubles (USD 1.8 billion) have already been invested into projects implemented in the Russian Arctic region of Yakutia, stated Vice Premier for Far East and Arctic Yuri Trutnev at a workshop held on 19 November 2021. According to the Vice Premier, 54 such projects have been registered with the authorities. 25 projects have already kicked off, while 29 more are nearing their implementation stage. The mentioned projects are expected to enjoy some form of government support.

The workshop focused on discussing flagship initiatives such as the Kyuchus exploration and mining project to be launched in the Arctic territories of the Yakut Republic. The Kyuchus gold deposit, which is estimated to contain some 175 metric tons of high-grade gold, is the second largest in Yakutia. It is expected to produce about 10 tons of gold per year. It also contains silver, mercury and other mineable metals. To date, the project is the largest one in Yakutia’s ore mining sector.

Yakutia’s Head Aysen Nikolaev says that there is a need for federal support to create the infrastructure for the project. This need is already being addressed, with work underway to build a small nuclear power plant in the Kyuchus area. Such power plant to be constructed in 2024—2028 will supply electricity not only to the Kyuchus mine and respective ore processing facilities, but also for the entire area, which is currently off grid. According to state nuclear monopoly Rosatom responsible for this power plant project, the station will feature a 53 MW reactor known as RITM-200N, a modified version of those installed at Arktika-class Russian nuclear power icebreakers

In addition, the participants of the session discussed advancing such projects as developing the Inaglinskoe and Deniosovskoe deposits, building a diamond mine at the Verkhnemunskoe ore field, launching Yakutia LNG etc.

It is noteworthy that, as part of the implemented projects, some 10 thousand jobs were created -- an impressive achievement for a region with a population of less than 1 million people. Further industrial expansion in the Yakut part of the Arctic will create even more jobs thus contributing to the region’s social and economic growth.

Arctic Today is a column by PORA CEO Alexander Stotskiy analyzing major international, national and regional events and trends in the Arctic.
Alexander Stotskiy
19 November 2021
Arctic Today