Russia plans to use the experience of Canada in the field of geological exploration of domestic gold fields, that will take place through the attraction of startup private companies to invest funds in the conduction of geological surveys of the country’s gold fields.
These plans have been recently confirmed by Sergey Donskoy, Russia’s Minister of Natural Resources.
According to the Russian Ministry of Natural Resources, to date, the volume of investments, allocated by small startup companies in geological exploration of gold fields in Russia has been insignificant, not exceeding 10-15% in the overall structure of investments in exploration activities in the Russian gold mining.
The majority of funds for these needs have traditionally been allocated by leading local gold producers, as well as global majors, operating in the country. This is, however, contrary to global practice, where the conduction of geological exploration is usually carried out by small startup companies.
Due to this, according to state plans, startup companies should account for 65% in the overall structure of investments in the Russian gold mining. That will be comparable to the figures of Canada as well as some other Western countries and will bring the Russian gold mining industry in line with global standards.
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