Russia cannot open up Arctic mineral deposits single-handed-minister

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ST. PETERSBURG, June 14 (RIA Novosti) - Russian-based companies will not cope on their own with opening up Arctic mineral deposits, Yuri Trutnev, the Natural Resources Minister, said.

"Russia has no companies to quickly implement related projects single-handed. There is only one way out - to join the world's leading mineral wealth users, who possess extensive experience of sea-based works, and establish a consortium together.

"Russia welcomes joint ventures with nonresident partners to open up and use Arctic resources in due compliance with latter-date environmental protection standards."

Russian shelf petroleum-drilling costs much exceed those in the warmer countries, said the minister, and proved his point with figures: such costs are at $44 a ton for the Caspian shelf, as against $170 for the East Arctic Sea.

It is an extremely expensive endeavor to open up Arctic deposits, what with billions of dollars to spend on geological prospecting and equipping even one site.

"However, even despite huge costs of opening up the most promising Arctic shelf areas, the discovery of vast deposits with unique reserves will balance out all hazards and cover prospecting and development outlays." In that, it may take up to several decades to recoup capital investment, Trutnev added.

His ministry will welcome and promote whatever arrangements of Russian partnership with nonresident mining and drilling companies for opening up Arctic seas by consortiums, he said.

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