Investments in Arctic geology exploration make almost $2 billion in 2024
MOSCOW, May 22. /TASS/. The total public and private investments in geological exploration in the Arctic amounted to almost 175 billion rubles ($2 billion) in 2024, Minister of Natural Resources and Environment Alexander Kozlov told the State Duma.
"Every year, we allocate the budget funding for Arctic exploration. Subsoil users also invest in geological studies. Last year, total investments made almost 175 billion rubles," he said.
The Arctic contains significant mineral reserves: 95% of Russia's all platinum reserves, 76% of rare earth metals, 74% of gas, 73% of nickel, 55% of cobalt, and 29% of oil, the minister added.
"For regions like the Nenets, Yamalo-Nenets and Khanty-Mansi, subsoil projects is the main source of gross regional product. There are several single-industry towns in the Arctic where mining enterprises are all and everything. Without mining, there will be no city. For example, Vorkuta," the minister said.
