Gold and crude reserves to end in Russia in 15 years

The Russian government considers the long-term program on the domestic mineral wealth

Russia's gold and oil economic efficiency will be exhausted in 2011, Yury Trutnev, the Minister for Natural Resources stated at a recent session of the Russian government. The minister noted that the time when the reserves of certain kinds of mineral wealth would be exhausted in Russia was drawing near. Trutnev specified that the resources of crude, uranium, copper and gold would end in the country already in 2015.

”These terms do not raise big concerns at first sight. Yet, in the event the reproduction of mineral resources pauses due to peculiarities of geological preparations for deposits, it will be impossible to solve the problem of the mineral wealth deficit in Russia,” the minister said.

The Cabinet of Ministers currently considers the long-term program pertaining to the Russian mineral wealth and the reproduction of the Russian mineral base for the period up to 2012. The spending on the implementation of the program during the forthcoming 15 years will make up 1 trillion 784 billion rubles.

The investment includes exploration and estimation works, as well as scientific and methodical activities. Mining tax payments in the field of the raw materials extraction are expected to grow from 330 million to 400 million rubles a year. It is expected that the geological exploration efficiency on every invested ruble will make up 70-100 rubles.

The goal of the state program is to guarantee balance between the mined and the explored mineral wealth reserves. Experts believe that Russian gas-condensate fields will be exhausted by 2025 (crude reserves will end by 2015). The present share of distributed oil reserves makes up 92 percent and 83 percent on gas reserves.