Taxes from mineral exploration and mining generate a quarter of all budget revenue in Russia, and amount to nearly 49 trillion rubles ($630 billion), according to minister of natural resources and environment Alexander Kozlov.
"Russia is among the top three countries in terms of gas, diamond, nickel, platinum group metals, iron, and gold reserves. Hydrocarbon and solid mineral production is one of the key sectors of the domestic economy. There are 13,000 enterprises in this sector operating in the country, employing 1.2 million people," the minister said, speaking at the IX All-Russian Congress of Geologists.
According to Kozlov, total investment in geological exploration in 2025 exceeded 440 billion rubles, of which the government investment accounted for over 24 billion rubles.
By 2027, the authorities plan to prepare at least 28 promising exploration areas for licensing. 33 sites are being prepared for exploration for gold, copper, molybdenum, and uranium.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
