Discovery of new deposits fell 17% in 2012 though investment grew 15%
MOSCOW. March 13 (Interfax) - Russia's Natural Resources and Environment Ministry said that the number of mineral deposits discovered in 2012 fell even though there was a proportional increase in investment in exploration.
Overall investment in exploration rose 15% to 225 billion rubles in 2012, but the number of deposits discovered dropped by 17.5% to 99, the ministry said in materials for the government hour in the State Duma.
The number of oil and gas fields discovered in 2012 fell 9.3% to 49%, while the number of solid mineral deposits discovered plunged 24% to 50.
Meanwhile, the ministry said the number of violations committed by resource developers jumped to 1,267 in 2012 from 987 in 2011. However, the number of licenses annulled early decreased to 79 in 2012 from 142 in the previous year.
The ministry said that more and more small deposits have been discovered recently. "The geological exploration work done today objectively leads to the size and number of newly discovered deposits decreasing. Meanwhile, producing deposits are being depleted," Natural Resources Minister Sergei Donskoi said.
