Mining World Russia 2010

Russia remains one of the world's largest mineral producers, accounting for 20% of nickel and cobalt production, 5-7 % of coal and iron ore production, and also a large share of the output of some non-ferrous and rare earth metals, platinum group metals, diamonds, apatite and potassium salts. Russia also contains important reserves of nickel, gold, silver, platinum group metals and diamonds. The mining industry is strategically important and is one of the most important industries in the Russian economy. Besides ongoing modernisation in the existing mining industry and refining companies that are active in the mineral sector, a comprehensive effort is currently taking place to prospect for new mineral deposits. Russia will continue exploring new mineral deposits, a process that has been a positive trend during the past two years. According to Economic Development and Trade Ministry, total investment in the implementation of signed production sharing agreements in Russia will amount to US$30 billion. Increased interest in Russia on the part of foreign companies within the mining sector will speed these processes along. Improving the development of mineral resources remains one of the most important geological and economic tasks in Russia. For mining suppliers, this creates the conditions for new business opportunities in terms of equipment and technology for prospecting, mining operations, extraction, and refinement, as well as system solutions within the infrastructure sector with respect to transportation, energy supply, and environmental facilities.