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Economic Analysis: Theory and Practice
 

The current state and development of the Russian coal industry: Analysis of investment component

Vol. 16, Iss. 7, JULY 2017

Received: 17 May 2017

Received in revised form: 2 June 2017

Accepted: 19 June 2017

Available online: 27 July 2017

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: Е22

Pages: 1260–1268

https://doi.org/10.24891/ea.16.7.1260

Volokitina V.M. Irkutsk National Research Technical University, Irkutsk, Russian Federation
volokitina-vm@yandex.ru

Gedich T.G. Irkutsk National Research Technical University, Irkutsk, Russian Federation
t.g.gedich@mail.ru

Importance Recently, the Russian fuel and energy complex has been affected by various negative internal and external factors, like energy price fluctuations, the U.S. shale revolution, sanctions imposed by Western countries. The current period of the crisis creates necessary preconditions for reorienting the industry towards new business dimensions and the coal industry modernization.
Objectives Our purpose is to analyze the production, economic and investment activities of Russian coal enterprises.
Methods The analysis rests on comparison of data on coal companies' activities from 2010 to 2015 on the basis of official statistics, considering the impact of world trends in the mining industry development.
Results The analysis reveals major structural problems in the development of the industry, which continues facing external and internal challenges, namely, high transport costs, bottlenecks in the transport infrastructure, severe mining conditions, and intense interfuel competition. Given the structure of main problems, we formulate strategic objectives for the coal industry development in terms of investment.
Conclusions and Relevance To deal with the challenges, it is crucial to implement a profound retooling of the industry, develop coal and machine-building innovative clusters, establish service centers for mining equipment, improve recycling. Public, private and foreign investment should become the main source of the modernization.

Keywords: coal industry, investment, energy strategy, modernization, mining

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