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Invest North Bay signs agreement with Russian investment group

The memorandum of understanding focuses on business, educational, applied research, and cultural projects.

Invest North Bay, the City of North Bay’s economic development arm, has signed a memorandum of understanding (MOU) with the Republic of Sakha, a region in Yakutia, Russia.

The MOU signifies an agreement between the two parties to work together on the development and exploration of business, educational, applied research and cultural projects between the two communities.

The agreement was signed on March 6 during the convention held annually by the Prospectors and Developers Association of Canada (PDAC) in Toronto.

The Russian equivalent of Invest North Bay, Invest Yakutia!, is involved in a number of projects, including the Berkakit-Tommot-Yakutsk railway project; the Elga coal deposit; the development of the Nezhdaninskoye gold deposit; and Technopark Yakutia, a multi-use facility featuring offices, labs, a hotel, studio apartments, and more.

Representatives from Invest North Bay additionally met with groups from Ukraine and Kazakhstan.

Held March 5-8, the PDAC convention is considered the world’s leading convention for people, companies and organizations in, or connected with, mineral exploration and finance.

The event features a tradeshow and technical talks by industry experts, attracting more than 900 exhibitors and 22,000 attendees from 125 countries.