On December 17, 2009, National Geological Survey Company General Director Igor Yefremov made a presentation at the 37th meeting of the Ore Mining Advisory Council
Igor Yefremov told members of the Council and guests of the meeting about new approaches to geological survey works organization and financing. “ The recent difficult financial and economic situation means that most geological survey companies started losing their value due to falling raw materials prices and rising costs of work. The trend became stable and makes investment attraction to geologic exploration more difficult, this is why drastic changes in the way of organizing and financing works on mineral resources exploration and mining are necessary,” Igor Yefremov told the meeting.
Under the model he presented, self-financing of geological survey works and a significant rise in stocks at a site are possible in the shortest possible time. Participants of the Ore Mining Advisory Council meeting were interested in the innovative approach presented by the NGSC because the new financing model helps make geological survey works continuous when investment is diminishing.
