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  Wednesday, July 8, 2020
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Russia's total investment in geological prospecting could exceed 4 trillion rubles
Russia's total investment in geological prospecting could exceed 4 trillion rubles ($168 billion) by 2020, the natural resources minister said on Thursday.

In accordance with a ministry program to maintain reserve levels by new exploration in 2005-2020, 50% of the program's funds will go to geological prospecting of hydrocarbons, 12% for precious metals and diamonds, 8% for ferrous and non-ferrous metals and rare metals, and almost 7% for uranium, Yury Trutnev told a government meeting.

The ministry has asked the government to more than double the program's financing to 544 billion rubles ($22.9 billion), and the request has been approved, Trutnev said.

He said the program's implementation will help Russia raise the value of its mineral reserves by 197 trillion rubles ($8.3 trillion) by 2020.


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