Russia's mining sector to see robust growth over next five years: report

The mining sector in Russia is expected to see a robust growth over the next five years, according a new report by the UK based research firm BRICdata.

The Russian mining industry is projected to grow at a compound annual growth rate of 6.94% over the forecast period, to reach 647.7 million tons in 2015.

The mining equipment industry is expected to value RUB16.3bn in 2011 which is an increase of 8.2% over the previous year.

In terms of production volume, coal is the leading category in the Russian mining industry, accounting for 68.6% of the total production volume in 2010.

The mineral production in Russia is expected to total 495.2 million tons in 2011, an increase of 5.9% over 2010.

Russia's iron ore accounts for 4.2% of the global production in the last year, while nickel accounts for 17.1% of global nickel production in 2010.

The Russian government intends to increase state expenditure for mineral resource exploration to $23bn by 2020.

Currently, 20 companies account for 91% of Russia's total coal production, the report said.

The report analyses the market size and production trends of the Russian mining equipment industry, and outlines the sector's future growth.

The full report, 'The Russian Mining Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2015' is available from BRICdata. Click here for more details.