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Business investments in geological exploration in 2022 to grow by 4% to $7.68 bln

Alexander Kozlov added that by the end of 2022, 37 new deposits of hydrocarbon raw materials and 130 deposits of solid minerals are expected to be discovered

MOSCOW, December 1. /TASS/. The volume of investments of companies-subsoil users in geological exploration will reach around 470 bln rubles ($7.68 bln) in 2022 against 450 bln rubles ($7.35 bln) a year earlier, Russian Minister of Natural Resources and Environment Alexander Kozlov said on Thursday. Thus, the figure will grow by 4.4%.

"As for capital investments in exploration from business, they are much higher. Last year, companies invested about 450 bln rubles to turn resources into reserves. This year, we already see that their costs have increased and will amount to around 470 bln rubles," he said.

State funding for geological exploration, according to the minister, in 2022 amounted to 18.6 bln rubles ($303.9 mln), and 17.7 billion rubles ($289.5 mln) was set for 2023. "We are interested in increasing the share of non-state investments in exploration. Therefore, we are creating the necessary tools," Kozlov said.

The minister added that by the end of 2022, 37 new deposits of hydrocarbon raw materials and 130 deposits of solid minerals are expected to be discovered.