Russia's Mining Sector to See Robust Growth over Next Five Years
The mining sector in Russia is expected to see a robust growth over the next five years, according a new report by the UK based research firm BRICdata.
The Russian mining industry is projected to grow at a compound annual growth rate of 6.94% over the forecast period, to reach 647.7 million tons in 2015.
The mining equipment industry is expected to value RUB16.3bn in 2011 which is an increase of 8.2% over the previous year.
In terms of production volume, coal is the leading category in the Russian mining industry, accounting for 68.6% of the total production volume in 2010.
The mineral production in Russia is expected to total 495.2 million tons in 2011, an increase of 5.9% over 2010.
Russia's iron ore accounts for 4.2% of the global production in the last year, while nickel accounts for 17.1% of global nickel production in 2010.
The Russian government intends to increase state expenditure for mineral resource exploration to $23bn by 2020.
Currently, 20 companies account for 91% of Russia's total coal production, the report said.
The report analyses the market size and production trends of the Russian mining equipment industry, and outlines the sector's future growth.
(energy-business-review.com Jan. 2012)