On November 11, 2019, the Severomuysky Tunnel -2 project company established by the Sibanthracite Group sent the government of the Russian Federation a proposal to conclude a concession agreement for construction of a second Severomuysky Tunnel.
Under the terms of the proposed agreement, the concession period will be 10 years. The tunnel will be built in 5 years and then leased to Russian Railways for 5 years. Upon completion of the concession, the tunnel will be transferred to state ownership.
The planned date for the tunnel’s commissioning is January 1, 2025. The volume of capital expenditures for its construction will amount to 60 billion rubles without VAT.
Construction will be financed by funds provided by the Sibanthracite Group with a planned yield of 15% per annum, as well as financing raised on the debt market.
Investment return in the form of lease payments from Russian Railways will amount to 150.7 billion rubles without VAT. This includes compensation for expenses incurred during the construction period: capex, debt service costs, income on capital provided, income tax, and property tax.