Proven mineral reserves in the Russian Arctic are estimated at more than $20 trillion, even though the region's geological exploration level currently stands at no more than 20%, stated Alexey Chekunkov, Head of the Ministry for the Development of the Russian Far East and Arctic.
"According to Eastern Centre for State Planning (Vostokgosplan) estimates, the value of proven mineral reserves in the Arctic alone exceeds $20 trillion. At the same time, estimates by the subsoil users themselves indicate that the level of exploration does not exceed 20%," the minister said.
If these figures are extrapolated, he noted, the total value of the Russian Arctic resources amounts to no less than $100 trillion.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
