Wednesday, 25 February 2015

Summary of the 15th Meeting of the MINEX Russian Mining Club

The 15th Meeting of the MINEX Russian Mining Club was held on 19 February 2015 at the PwC offices in Moscow. The meeting attracted over 80 leading experts from mining, consulting, analytical and investment companies.

Oliver Nugent, Metals & Mining Industry Analyst from Bloomberg Intelligence Analysis presented global outlook for metals and mining and gave spotlight on Russia. In his presentation Mr Nugent suggested that China remains one of the major players in the mining industry with the significant influence on supply and pricing of raw materials produced in Russia.  "China factor" is the main cause of the continued volatility in the production of raw materials for the ferrous metallurgy, coal mining and steel production.


Ayrat Khalikov, expert from Centre for Economic Forecasting, Gazprombank shared with the participants his forecast for stabilisation of the metals markets. He prepared a comparative analysis of the price recovery processes in the mining industry after rouble devaluation caused by the 1998 and 2008 economic crisis. During the previous devaluations periods, prices of the Russian metal producers came into parity with the global prices within 2-2.5 years. Gazprombank experts predict that in the current situation the Russian metal prices will recover within the next 2-3 years.  During this period Russian metal producers will maintain their price advantages on the global markets. However, further drops in the commodity prices will not allow to Russian companies to fully compensate for rouble devaluation.  Coal, iron ore and smelting companies will be feeling the worse impact from the global commodity markets price-cuts.


Dr. Nils Naujok,Partner, Operations, Strategy and Evgeny Orlovskiy, Partner, Advisory Services, Mining & Metals from PwC spoke about the trends in development of metallurgical and mining industries, ways to optimising production, as well as the choices of the operating models and how to improve the efficiency in companies.

The second part of the meeting was organised in the format of a panel discussion and followed by interactive survey.   The panel chaired by Evgeny Orlovskiy, Partner, Advisory Services, Mining & Metals from PwC provided platform for the discussion of the key immediate and long-term implications of current economic and geopolitical situation for Russian mining and metals industry players. Their views on this topic presented Mikhail Damrin, CEO, Kopy Goldfields AB, Sergey Kashuba, Chairman, The Russian Union of Gold Producers, Denis Kurochkin, Chief Financial Officer, Tigers Realm Coal Ltd, Dr. Nils Naujok, Partner, Strategy& and Andrey Shemyakin, Commercial Director, Sandvik Mining CIS. At the end of the panel discussion participants were asked to assess the situation in the Russian mining and metals sector and to rate the risks and business priorities.

Presentation slides and results of the survey can be found on the meeting webpage:

For further information please contact Ms Natalia Tarasova, MINEX Russian Mining Club coordinator
Tel / Fax: +7 (495) 249 49 03 / Mob: +7 (915) 482 9 284/ Email: This email address is being protected from spambots. You need JavaScript enabled to view it.


Future MINEX events are advertised on 

Dates for your calendar

  • MINEX CENTRAL ASIA – 6th  International Forum and Expo (17-19 March, Astana, Kazakhstan)
  • RUSSIAN MINING CLUB – 16th meeting, Моscow (date and venue to be confirmed)
  • MINEX EUROPE - Forum and Expo (dates and venue to be confirmed)
  • MINEX RUSSIA – 11th International  Forum and Expo (6-8 October 2015, Moscow, Russia)
  • MINEX CHINA (20-23 October, Tianjin, China)
  • MINEX EURASIA Mining and Investment Conference (30 November 2015,  London, United Kingdom)