[Marxism] Re: [PEN-L] High anxiety about Hubbert's Peak

Louis Proyect lnp3 at panix.com
Sun Nov 14 09:28:07 MST 2004


Gold and crude reserves to end in Russia in 15 years - 11/11/2004 16:51

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.

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