18.9 C
Belgrade
Supported byspot_img
spot_img

Russia plans to turn Far Eastern region into mining centre

Member of Europium Groupspot_img
Supported byspot_img

Russia plans to turn its Far Eastern region into one of its centres of mining. This will be accomplished by the discovery and development of more than a thousand various mineral deposits located within the territory.

For this purpose, the Russian Ministry of Natural Resources has prepared a program for the geological study of the Far East. This has been recently confirmed by the Minister of Natural Resources and Environment of Russia, Alexander Kozlov.

According to the minister, as a result of the proposed program, Russia will become the world leader in terms of gas and gold reserves (currently second and third, respectively) and will be among the top four in such scarce types of minerals as tungsten, lithium, uranium and rare earth metals. He added that the program will also take into account traditional types of raw materials such as coal and diamonds.

Supported by

Thanks to the new program, gold production in Russia by 2035 could increase by 27% compared to 2023, silver by 35%, copper 2.4 times, tungsten 4.4 times, uranium 2.4 times and rare earth metals by 10 times.

At present, the overall dependence of Russia from the supplies of scarce raw materials is estimated at about 65%; however, as a result of the program, these figures will decline to about 20%.

The overall cost of the program is estimated at 200 billion rubles, while the economic effect from its implementation is approximately 2.8 trillion rubles.

According to the Ministry of Energy, as a result of the program, total investments in projects for exploration and production of minerals in the Far East will increase from 358 billion rubles in 2023 to 695 billion rubles in 2035. Thanks to the implementation of the program, exports of raw materials from the Russian Far East will also increase. For example, gas exports will increase from 15.5 billion to 98 billion cubic meters (6.3 times), while copper would increase from 100,000 tons to 850,000 tons (8.5 times).

Russian analysts consider the new initiative as very important, as the Russian Far East is known for its significant reserves of gold, non-ferrous and rare earth metals as well as iron ore, which, so far, have been largely undeveloped. Of these, the biggest hopes are on gold, of which the main reserves are located in the Amur and Magadan regions as well as Kamchatka. In addition, there are huge undeveloped resources of gold in the region.

In addition, about 40% of Russian copper reserves are currently concentrated in the Far East, along with iron, tin, tungsten and rare earth metals. In the latter case, an example is the Tomtorskoye rare earth metal deposit in Yakutia, which is one of the world’s largest REE projects in terms of reserves.

In this regard, as analysts believe, geological exploration and subsequent development of reserves in the Far East will lead to an increase in the volume of their production in Russia by several times.

They also believe the plans and estimates of the Ministry of Natural Resources “look realistic and achievable” while in order to speed such projects there is a need to stimulate the growth of the number of junior companies in the region, providing them with preferential working conditions.

Still, in order to develop such large-scale mining projects, as part of state plans, is solving the problems with energy and transport infrastructure in the Far East, as many of such projects and deposits are located in isolated regions with limited infrastructure and lack of access to electricity, which makes transporting equipment and materials difficult and expensive.

At present, the vast regions of the Far East remain insufficiently explored due to the distance from the main industrial centres with limited transport accessibility. In this regard, the development of transport and energy infrastructure in the region will require serious government support measures.

 

Source: Resource World

Supported byElevatePR Digital

Related News

Progress at Plymouth’s tungsten mine: Final permit secured for production restart

Plymouth’s potential tungsten mine is on track to achieve significant production levels following the approval to commence operations. Tungsten West Plc has secured a...

Elementos pursues acquisition of stake in Iberian smelting for European tin market expansion

Elementos, a tin exploration and development firm, has initiated a non-binding term sheet to potentially acquire up to a 50% interest in Iberian Smelting...

EU corporate sustainability directive: Implications for global supply chains and Africa’s mining communities

On 24 May, the European Union enacted the Corporate Sustainability Due Diligence Directive (CSDDD), a landmark legislation requiring large businesses to identify and mitigate...

Rio Tinto defends environmental safety of Serbia’s Jadar lithium project

Rio Tinto announced on Thursday that it had published new environmental studies indicating the safety of its Jadar lithium project in Serbia, which was...
Supported by
Supported by
Supported by
error: Content is protected !!