The Magadan Region has been identified as a pilot territory for the implementation of the junior exploration movement in the Russian Federation. This project is aimed at developing the mineral resources base and mining industry, improving industrial infrastructure, attracting investors and creating new jobs.
This project enables to shift priorities from the extraction of precious metals towards building the capacity of non-ferrous metals in the region.
Regional Junior Exploration Company (JSC “RJEC”) was established as part of a public-private partnership to consolidate efforts in carrying out large-scale exploration work to identify assets with commercial reserves of copper, molybdenum, lead, zinc, tungsten and other metals. In 2020, prospecting work was commenced on three license blocks with a total area of about 300 sq. km. Licenses were obtained for two more promising areas.
The Karamken mining party, scientists from the North-Eastern Integrated Research Institute and the Ural State Mining University have been involved in the geological exploration work in the license blocks.