The construction of Russian Magnesium plant in Asbest, Sverdlovsk Region, has recently been halted, Chairman of the regional House of Representatives’ Economic Policies, Budget, Finance, & Taxes Committee and BOD Chairman of Tagilstroy Holding Alexei Chekanov told MK-Ural.

‘Tagilstroy Trust was involved in the construction as a contractor, but the project has been frozen for the time being for a number of reasons. I find the situation regrettable, as Russian Magnesium would have created new jobs in Asbest and would have ensured more tax payments. I believe the project has to be seriously considered and finished if its looks promising. We need to attract foreign, federal, and regional level investments for this,’ the deputy said.

‘All new initiatives pose a serious degree of risk, but without these risks, no breakthroughs or new technologies will ever see the light. We naturally cannot let an investment be absolutely hopeless, we cannot waste the money that could be spent on other, useful things. Such things have happened in Sverdlovsk Region before and they might happen again, but we need to keep the number of such failures as low as possible,’ Chekanov pointed out.