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The National Geological Survey Company (NGSC) has developed a new model of organizing and financing geological survey works in conditions of a crisis





The National Geological Survey Company (NGSC) has developed a new model of organizing and financing geological survey works in conditions of a crisis. NGSC General Director Igor Yefremov presented the model at MINEX-2009, the Fifth international mining forum.
According to Igor Yefremov, “a critical situation is reigning on the geological survey market – a liquidity crisis and low commodity prices which are linked with the crisis lead to a cut of allocations for geological survey of 85-90% in many companies. According to expectations of leading mining companies, low commodity prices will maintain for a long period. There is a direct threat that geological survey and brand new companies will start losing their shareholder value. This, in turn, will make attracting investment more difficult and as early as in 2009 more than two thirds of geological survey companies had already met difficulties in attracting investment in geological survey works.”
Taking into consideration a long-term trend of industry development, the National Geological Survey Company has worked out and is presenting a new model of doing the geological survey business which drastically changes the approach to organizing it. Firstly, under the new model, it is possible to organize self-financing of the geological survey business. Secondly, the period when a company may start entering resources on state books much earlier than usual. Thirdly, the new model improves the technology of raw materials mining. Fourthly, conditions for surveying small-sized ore bodies are created.
Self-financing of geological survey is done from funds received from selling raw materials mined during the geological survey works. The terms of entering known reserves on state books in terms of work done can be cut to 8 months from the start of geological survey. This helps increase stocks on site regularly (with a chosen period type). Thus, the volume of resources is constantly increasing and increases capitalization of the company – subsoil user which holds the license for the deposit.
Another innovation of the model is in the creation of small-scale, mobile production complexes to extract commercial element while using most modern technologies- new equipment of gravitational preparation (including centrifugal concentrators), technologies of gravity concentrates aftertreatment when enriching gold-containing sands, floatation machines to extract sulphide concentrate with a further pressure oxidation of resistant concentrates. Small volumes of raw materials processing allows to adjust the production process quicker and more often, fine-tuning it for characteristics of the processed raw materials and thus, increase the extraction ratio. Besides, the technologies owned by the NGSC help make prospecting and exploration of mineral resources on deposits with small-size ore bodies.
“The use of the model will allow brand new companies not to stop geological survey work because of falling investment. We hope that our colleagues will find our innovations in organizing geological survey works interesting,” Igor Yefremov concluded.
Presentation of the new model of organizing geological survey works of the National Geological Survey Company took place at the MINEX, the Fifth international mining forum. It is CIS’s largest event devoted to the issues of prospecting, mining, transportation, enrichment, mineral resources processing as  well as the organization of brand new entrepreneurial projects.
The MINEX was set up to help increase the efficiency and international competitiveness of the mining industry of Russia and the CIS by offering a regular floor for international business communication, consultations, technical and investment dialogue. The forum provides the mining community of the CIS and foreign investors with good possibilities to exchange professional information and study innovative experience in a rational use of mineral resources on the territory of Russia and the CIS.
More than 500 top-managers from 140 companies from more than 20 countries participated in the forum. They include Peter Humbro Mining, Kinross Gold Corporation, Macleod Dixon, IMC Montan, Atomredmetzoloto. The MINEX program included about 70 presentations of leading experts – geology scientists, engineers, businessmen.

07.10.2009

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