Putin asks govt to include funding for 'Geology - Revival of Legend' program in three-year budget
VLADIVOSTOK. Sept 5 (Interfax) - The Russian government must allocate funding for the "Geology - Revival of the Legend" in the three-year budget, President Vladimir Putin said at the Eastern Economic Forum.
He said tasks related to the Far East's strategic development must be accomplished, including the further development of such a strong fundamental sector as subsoil use.
"All of Russia's tungsten, tin, fluorspar and boron ore, 80% of its diamonds and uranium, more than 70% of its silver and 60% of the country's gold are mined in the Far East today. But reserves have been developed for a long time in in key mining centers, including Yakutia and Chukotka, and they are limited for objective reasons. Yet demand for minerals is growing. And not only for export, but also in our domestic market. We must guarantee the country's resource sovereignty, build a strong base for the undisrupted supply of affordable raw materials and fuel to the national economy of our regions, town and cities, create a foundation basis for the production of new materials and sources of energy. And as I have already said, this must be done using more effective technologies and scientific developments or our own in ecology and the use of natural resources," Putin said.
"At last year's forum the government was asked to come up with a number of programs to study the subsoil in the Far East and Siberia, and to include them in the 'Geology - Revival of a Legend' federal project. These programs are ready. According to estimates, geological exploration will receive at least 10 rubles of private investment for every ruble the govt invests. But crucially, the funds invested are certainly paying off. They will pay off. There will bring big returns, have a broad effect along the entire production chain. But this work must be done in good time, with an understanding of the planning horizon. I ask the government to include funding for these programs in the draft federal budget for the next three years in the amounts necessary to achieve the goals that have been set. Again, the Far East has the potential for exponential growth in geological exploration, including the prospecting and mining of high-tech raw materials - titanium, lithium, niobium, rare-earth metals, which an economy of the future needs. And the key thing is we have all of this," he said.
"Vladimir Vladimirovich gave his backing to the sweeping expansion of geological exploration in the Far East. We have already drafted the program, which includes prospecting for hundreds of deposits, including scarce minerals, which we need for even greater economic development. Geological exploration is a long game, because several years pass from mineral prospecting until they can be mined. And we are ready to go down this path! Thank you to the president for supporting our initiatives!" Natural Resources Minister Alexander Kozlov said on Telegram, commenting on Putin's remarks.