Investments in Geological Exploration in the Arctic Have Reached Nearly 175 Billion Russian Rubles
The combined investment from both the Russian state and subsoil users in geological exploration in the Arctic zone of the Russian Federation amounted to nearly 175 billion rubles in 2024, according to Alexander Kozlov, Minister of Natural Resources and Environment of the Russian Federation. He made the statement during a Government Hour session in the State Duma, which was dedicated to the development of the Russian Arctic zone.
“Each year, we allocate federal budget funding for geological exploration in the Arctic. Subsoil users also invest in geological study efforts. Altogether, in the past year, nearly 175 billion rubles were invested,” Kozlov said.
The minister also clarified that the Arctic zone holds significant reserves of mineral resources, including:
95% of Russia’s total reserves of platinum-group metals
76% of rare earth metals
74% of natural gas
73% of nickel
55% of cobalt
29% of oil
“In regions such as the Nenets Autonomous Okrug, the Yamalo-Nenets Autonomous Okrug, and the Khanty-Mansi Autonomous Okrug, subsoil use is the primary source of gross regional product. The Arctic is home to several single-industry towns, where extractive enterprises are everything. If there is no production, there will be no town — just look at Vorkuta as an example,” added Kozlov.
