Russia's Resources Ministry proposes 88 bln rubles for exploration in 2024-2026 budget

MOSCOW. Oct 11 (Interfax) - Russia's Natural Resources Ministry has proposed that the federal budget plan for 2024-2026 allocate about 88 billion rubles for geological exploration, Natural Resources Minister Alexander Kozlov said at a meeting of the State Duma Ecology, Natural Resources and Environmental Protection Committee.

"We have provided almost 88 billion rubles for the geological area for the three years. The main objectives that will be achieved in mineral resource use [are], firstly, we're shifting geological exploration toward 'strategic' types of resources - lithium, titanium, manganese, niobium and [rare earth metals]. We're helping companies in the current economic conditions. And we're steadily improving current legislation - accounting of forecast resources, attracting private businesses to early stages of geological exploration, manyfold increase of regular payments for exclusion of dormant licenses," Kozlov said.

He said 24.8 billion rubles will be spent on renewal of hydrocarbon resources, and 21.1 billion rubles will be spent on the purchase of geological equipment, field trial support and expert review of reserves and geological projects.

There are plans to spend 16.4 billion rubles on regional geological exploration, almost 9 billion rubles on renewal of solid mineral resources, 7.9 billion rubles on updating geophysical information archives, and 4 billion rubles on exploration work and preparation of areas for licensing solid mineral resources and hydrocarbons.