Legal Framework
A new subsoil law was under discussion as of 2005. The previous law of 1992, as amended, does not impose any special restrictions on companies with foreign participation, with the exception of diamond and radioactive materials, but this appeared likely to change to the disadvantage of foreign companies, especially those interested in investing in large or strategic deposits, such as the Udokan copper deposit or the Sukhoi Log gold deposit.
The list of federal deposits was prepared by the Federal Agency for Natural Resources in August 2008 and consists of 985 overland deposits, including 163 hydrocarbon fields. The current Russian legislation lists deposits as having federal or strategic significance if they contain reserves of uranium, diamonds, especially pure quartz raw materials, nickel, beryllium, tantalum, lithium, niobium and platinum metals. These deposits also include fields with recoverable reserves of over 70 million tons of oil, 50 billion cubic metes of natural gas, 50 tons of vein gold, 500,000 tons of copper.
Read more about this topic: Mining In Russia
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