Russia Seeks to Harness Copper Windfall Amid Global Market Boom
Russia is poised to benefit from the current favorable situation in the global copper market, but only if it accelerates geological exploration and invests in processing and production of high-value-added products.
According to Pavel Gamov, an expert on the mining and metallurgical industry at the Stolypin Institute for Growth Economics, Russia has entered a 'copper window,' but this will only yield benefits with increased investment in the sector.
The main beneficiaries will be companies that can rapidly increase output and sell cathode copper and finished products, rather than just concentrate. The Baimsky GOK (scheduled to launch in 2029) and the Malmyzhskoye deposit (with its first line launched in 2024) are seen as particularly promising.
However, Ilya Grashchenkov, President of the Center for Regional Policy Development, notes that additional export revenues do not yet mean a technological breakthrough. 'New gold' will only give the country long-term economic results if it transforms favorable market conditions into investments, modern production, and regional development.