The Magadan Region was formed on December 3, 1953. Geographically, it is an Extreme North region with harsh climate located at a very long distance from the central provinces. It has an 8-hour time difference from Moscow. In the east, it borders on the Kamchatka Territory (overland part), in the northeast – on the Chukotka Autonomous Area, in the northwest – on the Republic of Sakha (Yakutia), in the south – on the Khabarovsk Territory. The region is washed by the waters of the Sea of Okhotsk and the Pacific Ocean. The region is part of the Far Eastern Federal District.
The region covers 462,400 square kilometres or 2.7% of total Russian territory and holds the ninth place in the Russian Federation by its area size. Its population density is the lowest in Russia: fewer than 0.4 people per 1 square kilometre. As for July 1, 2011, the Magadan Region population was 155,600. Urban population accounts for 94.4% of total population of the region. Total workforce in early 2011 was about 112,000. As for January 1, 2011, total length of public surfaced roads was 2,568 kilometres including federal motorways, 834 kilometres; territorial motorways, 1,734 kilometres. Main transport gate of the region is the Magadan Commercial Seaport. Magadan has an international airport for passenger and cargo transportation to other Russian regions, CIS member states and foreign countries. The region includes Magadan and eight districts: Olsky, Omsukchansky, Severo-Evensky, Srednekansky, Susumansky, Tenkinsky, Khasynsky and Yagodninsky.
The region is home to more than 100 ethnic groups with a major proportion of Russians (80%), Ukranians (9.9%), indigenous small ethnic groups of the North (2.7%). The total number of 16 indigenous small ethnic groups of the North is 6,200.
The economic backbone is extraction of precious metals: gold, silver. In 2011, the region plans to extract 18.5 metric tons of gold and 730 metric tons of silver. The region has brass minerals, tin, tungsten, molybdenum, iron ore, coal and brown coal. The Sea of Okhotsk shelf has oil and gas deposits.
The region has two power plants, the Kolymskaya HPP, Arkagalinskaya Power Plant, the first stage of the Ust-Srednekanskaya HPP is planned to be commissioned in 2012.