Far East Russia is the site of exciting new economic development (VIDEO)

Yakutia (Sakha) is the largest single subnational governing body in the world, boasting over 1.19 million square miles of area, or almost twice the size of Alaska.

It is also the coldest area in the Northern Hemisphere, with two villages sharing the title of the “Pole of Cold” with temperatures which have sunk below 90 degrees Fahrenheit.  It is also an incredibly rich resource region, and this has spurred tremendous growth, from nothing to a fully developed coal refining facility, with plans to expand significantly.

The area boasts rich mineral reserves, namely coal, described as “perfect” by miners working there, and with coal as one of the major energy resources, as well as a vital component in steel refining, this is a strong economic proposition for the nation and for the businesses that have decided to go make something of this region.

Both shaft-mining and open-pit mining are underway in the region, referred to as the Advanced Development Territory. This area is located in the southern part of Sakha, near a town called Neryungri.

This area is controlled by a number of companies, Kolmar the largest among them.  All told, over 23 billion rubles have been invested into this region for development, with the creation of some 3,000 long-term jobs.  Part of the attraction of working here is that the project duration is expected to run no less than thirty years and possibly over fifty.  This creates great prospects for long-term employment in this very remote region of the world.

Action here is further incentivized by a zero percent property tax rate for organizations that receive the resident status of “South Yakutia” Advanced Social and Economic Development Zone.

The venture is paying off.  Kolmar plans to sign an agreement to double the coal supply for Baosteel, the fifth largest steel producer in the world