The Mineral Indutry of Russia in 1998
THE MINERAL INDUSTRY OF RUSSIA By Richard M. Levine Russia extends over more than 75% of the territory of the According to the Minister of Natural Resources, Russia will former Soviet Union (FSU) and accordingly possesses a large not begin to replenish diminishing reserves until the period from percentage of the FSU’s mineral resources. Russia was a major 2003 to 2005, at the earliest. Although some positive trends mineral producer, accounting for a large percentage of the were appearing during the 1996-97 period, the financial crisis in FSU’s production of a range of mineral products, including 1998 set the geological sector back several years as the minimal aluminum, bauxite, cobalt, coal, diamonds, mica, natural gas, funding that had been available for exploration decreased nickel, oil, platinum-group metals, tin, and a host of other further. In 1998, 74% of all geologic prospecting was for oil metals, industrial minerals, and mineral fuels. Still, Russia was and gas (Interfax Mining and Metals Report, 1999n; Novikov significantly import-dependent on a number of mineral products, and Yastrzhembskiy, 1999). including alumina, bauxite, chromite, manganese, and titanium Lack of funding caused a deterioration of capital stock at and zirconium ores. The most significant regions of the country mining enterprises. At the majority of mining enterprises, there for metal mining were East Siberia (cobalt, copper, lead, nickel, was a sharp decrease in production indicators. As a result, in the columbium, platinum-group metals, tungsten, and zinc), the last 7 years more than 20 million metric tons (Mt) of capacity Kola Peninsula (cobalt, copper, nickel, columbium, rare-earth has been decommissioned at iron ore mining enterprises.
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