MOSCOW, March 27 (RIA Novosti) - Russia's total investment in geological prospecting could exceed 4 trillion rubles ($168 billion) by 2020, the natural resources minister said on Thursday.
In accordance with a ministry program to maintain reserve levels by new exploration in 2005-2020, 50% of the program's funds will go to geological prospecting of hydrocarbons, 12% for precious metals and diamonds, 8% for ferrous and non-ferrous metals and rare metals, and almost 7% for uranium, Yury Trutnev told a government meeting.
The ministry has asked the government to more than double the program's financing to 544 billion rubles ($22.9 billion), and the request has been approved, Trutnev said.
He said the program's implementation will help Russia raise the value of its mineral reserves by 197 trillion rubles ($8.3 trillion) by 2020.
