Russia Wants Canada To Invest In Its Geological Explorations

Russia Wants Canada To Invest In Its Geological Explorations

March 9, 2016 – Russia is interested in Canada’s investment in geological exploration and extraction of minerals in different regions of Russia, including the Far East, Alexei Orlov, director of the Geology and Subsoil Use department of the Natural Resources Ministry said yesterday.

He was speaking at the annual Eurasian mining conference sponsored by the Canadian Business Association in Russia and Eurasia (CERBA) in Toronto.

“Russia has one of the richest bases of natural resources, including gold, diamonds and nickel,” – he said.

Orlov said there is an opportunity for foreign companies, including those from Canada, to participate in tenders for exploration and production of gold, nickel and other mineral resources in Siberia and the Far East.

“Not all the tenders we planned to hold in 2015, have been completed, part of them “roll over” to 2016,” Orlov said. He added that, according to the data for the years 2014-2015, the Ministry satisfies 58-60% of applications filed as part of the auctions.

He also noted that the legal and regulatory climate in Russia’s mining industry has improved in recent years.