Russia can use the favorable situation in the global copper market to develop processing and production of high value-added products. This opinion was expressed by Pavel Gamov, an expert on the mining and metallurgical industry at the Stolypin Institute for Growth Economics.
Russia has indeed entered a 'copper window,' but will only benefit if geological exploration is accelerated.
According to him, Rosgeologiya should intensify its work. In addition, state investments and special tax conditions for investors are needed for the sector's development. The main beneficiaries, according to Gamov, will be companies capable of rapidly increasing output and selling not concentrate, but cathode copper and finished products.
In this regard, the Baimsky GOK (launch scheduled for 2029) and the Malmyzhskoye deposit (the first line of the enterprise was launched in 2024) will be particularly promising, the expert concluded.
Copper — New Gold
Ilya Grashchenkov, President of the Center for Regional Policy Development, noted that additional export revenues do not yet mean a technological breakthrough.
The main question is whether it will be possible to transform the favorable market conditions into investments, modern production, and regional development.
It is then that 'new gold' will give the country a long-term economic result, Grashchenkov noted.
Earlier, Kirill Dmitriev, Special Representative of the President of the Russian Federation for Investment and Economic Cooperation with Foreign Countries, head of the Russian Direct Investment Fund, called copper 'new gold.' This is how he commented on the establishment of a historical high for copper futures with December 2026 delivery on the Comex exchange on September 22. On September 22 at 22:40 Moscow time, it amounted to 6.9275 dollars per pound (453.6 g).
Read more on the topic:
- Russia Launches Production of Cathode Copper for Microelectronics: Cu Purity - 99.99%
- More Gold and Copper: VEB to Help Build the Baimsky Mining and Processing Plant in Chukotka
- Losing to China in Production: Rosnedra Assesses Russia's Fossil Gold Reserves