N e w s

"Explored mineral resources of Russia are estimated at the least $28 trillion, which exceeds per capita amount of all other world countries by several times", said minister of natural resources of RF Boris Yatskevich at today's press conference at Government Office.

ITAR-TASS quoted him that the cost of total annual output mined in Russia in the last three years totals $95-$105 billion by world prices. Fuels, such as gas, oil, coal and uranium, make up about 80% of it. "We mine a lot but don't consume as much per capita. Russia still stays an export-oriented country," said the minister.

B. Yatskevich reported that the investment capacity of Russian deposits, including explored and forecast resources is estimated at $150-$170 billion. $100-$110 billion are attributed to oil and gas deposits, $14-19 billion - to precious metals, $12-17 billion - to diamonds, $21-24 billion - to other minerals. However, the ministed noted that last year investments in mining were only $2.5 billion.

B. Yatskevich also expressed an opinion that the total investment capacity of deposit units that are being or will be mined on the output share terms, totals about $60 billion, among them hydrocarbon minerals - $58 billion, gold - $1.8 billion.

Source: PRIME-TASS