Russia to prepare financial incentives for geological exploration in 2025

MOSCOW. March 10 (Interfax) - The Russian government has approved an action plan to implement the Strategy to Develop Russia's Mineral Resource Base to 2050, which includes plans to develop mining of rare earth metals (REM), Prime Minister Mikhail Mishustin said on Monday.

"In order to ramp up efforts in this area we will improve mechanisms to stimulate work on geological studies of subsurface resources, specifically studying remote areas that are in Russia's zone of special interests. This is the Arctic, and Antarctica and the Spitsbergen archipelago and the Pacific Ocean," Mishustin said in a meeting with deputy prime ministers.

"A substantial set of tasks is also devoted to increasing support for the initiatives of Russian developers to create the whole range of technologies, equipment and software that are needed to develop deposits," Mishustin said, adding that the work should be organized in coordination with Russia's regions.

The government said in a statement that "economic mechanisms will be formulated [in 2025] that ensure the accessibility of financial resources for carrying out geological exploration work, including for small and medium businesses, and mechanisms will be developed to stimulate work in the riskiest and most difficult geological areas of the country."

Measures in the approved plan include determining the need for high-tech equipment and software in the field of geological exploration for mineral resources; building a base of Russian technologies and engineering solutions in the area of geological exploration and development of deposits for their promotion in the practical work of resource developers; and developing a line of Russian software products and technologies that meet the main needs of geological exploration at all stages and phases of work.

Thirteen federal ministries and agencies, including the Natural Resources Ministry, Industry and Trade Ministry, Energy Ministry and Federal Mineral Resources Agency, as well as four organizations, including Rosatom and the Russian Academy of Sciences, will be responsible for implementing the plan.