Page 80 - Russia OUTLOOK 2024

such as nickel and the PGM group metals. Russia holds the world’s third-largest reserve of nickel (7.5mn tonnes) and its fourth-largest reserves of uranium (662,000 tonnes) and copper (62mn tonnes), elements that are essential to the energy transition.
Copper is particularly important and Russia is building a new supersized copper mine at Udokan. Global demand for copper is forecast to rise by between 275% and 350% by 2050.
Unlike the hydrocarbon sector, Russia's mining industry is extremely varied and more or less private (with the exception of the uranium sector).
Unlike oil, most of Russia’s mining companies are privately owned. Russia has just under 17,000 businesses involved in the extractive economy, which illustrates how important the sector is to the country’s economy. Of these firms, some 3,000 are directly engaged in the extraction of metal ores, while 800 are dedicated to coal mining. Of all the companies that operate in the exploitation of mines and quarries, 16,300 belong to Russian stakeholders/citizens, around 200 belong to foreign companies or firms held jointly by foreign and Russian entities, and approximately 100 are directly owned by public bodies. But the Russian government has a right of review if the direct or indirect acquisition of an entity involving foreign investors reaches or exceeds 25% of its voting share capital.
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