News: Canadian exploration and development company Silver Bear Resources has secured a mining licence for the Vertikalny deposit of its Mangazeisky silver project in Yakutia , Russia, Energy Business Review reports. The licence, which is valid for 25 years, will enable the company to produce at a minimum rate of 180,000 tonnes of ore per y ear. The company stated that the approval is a key step for the future development of the project .
BMI View: We forecast Russia's mining industry value to reach US$157bn by 2017, growing at an annual average rate of 0.9%. We believe the country's mining industry will experience years of slowing growth as palladium and platinum production undergo modest increases over the coming years. Nevertheless, the coal sector holds much promise over the long term as the government plans to invest RUB3.7trn (US$120bn) in the sector between 2012 and 2030.