Report: Russia's iron ore mining industry to expand with increase in production and exports
Iron ore production in Russia is estimated to grow to 115.1 million tonnes (Mt) in 2020 driven by new projects such as Bystrinskoye and Sobstvenno-Kachkanarskoye, says a report by Timetric.
Entitled 'Iron Ore Mining in Russia to 2020', the report highlights that Russia's vast 25 billion tonnes (Bt) iron ore reserves are the world's third largest. The country was also the leader in iron ore production in Europe in 2014 and among the top five global producers, with a production of 105Mt.
Exports of iron ore and concentrate are estimated to be 24.8Mt by 2020, representing a compound annual growth rate (CAGR) of 3.6% after suffering a 10.9% fall in 2014. Ukraine's decreasing contribution to the international steel market helped increase Russia's exports of products from the metal, leading to a 2.7% increase in iron ore consumption at 87.5Mt in 2014.
Timetric's report further mentions that the iron ore deposits are primarily concentrated in the Ural region, Moscow (Tula region), north-west Russia and Siberia with central Russia being the key producer followed by Ural and Siberia. The country's iron ore reserves accounted for 13.3% of the global total in 2015.
The key players in iron ore production in Russia are Metalloinvest MC LLC, Severstal Group, and Evraz Group SA. The mining industry's main authorities are the Ministry of Natural Resources and Environment of the Russian Federation, and the Federal Agency on Mineral Resources.
Russia's rich mineral resources include copper, iron ore, gold, diamond, coal, nickel, vanadium, titanium sponge, tin, tungsten, potash, sulphur, silicon, rhenium and fluorspar.