Shilo Northeastern Integrated Research Institute, Magadan, Russia:

N. V. Galtseva, Deputy Director of Scientific Work, Doctor of Economic Sciences, galtseva@neiszi.ru
O. A. Sharypova, Senior Researcher, History and Economy Research Laboratory, Candidate of Economic Sciences
I. S. Golubenko, Head of Center of Geo-Information Technologies and Network Communication, Candidate of Geological-Mineralogical Sciences
I. N. Grigoreva, Engineer of Center of Geo-Information Technologies and Network Communication

Mineral resources are a part of the national wealth of a country. Diversity, volume and world market value of mineral resources define capacities and development trends in economy of nations. A general potential of mineral resources of a region is demonstrated by their cost estimate, which, in its turn, varies with the increment in the reserves and resources of minerals in the course of mining, or after re-appraisal of mineral reserves and resources, or due to change in price. The importance of the prompt accounting for the changes and determining promising trends of investment in geological exploration and mining of specific mineral resources conditions relevance of a tool for cost estimation of mineral resource potential. In pursuance of the objective, a series of problems have been set and solved in terms of a specific region: acquisition and generalization of data on registered and possible mineral reserves in the Magadan Region, and on their prices; creation of software module to estimate cost of mineral reserves and resources in the region; computation. The authors review methodical approaches to cost estimation of mineral resource potential. The computation based on the software module and in accordance with the guidance worked out by the Karpinsky Russian Geological Research Institute encompasses the national wealth cost (NWC), potential wealth cost (PWC) and mineral resource potential (MRP) in the Magadan Region as of 2012. The software module is considered the tool of regular cost estimate of mineral resources to be further used in planning development in the mineral mining industry and investment potential of the region. In view of the subjective nature of computation coefficients (for reduction of possible and estimated resources to commercial reserves; for actual reserves; for throughout recovery), it is suggested to use a version of cost estimate that accounts for mineral reserves and resources of all ranks, without coefficients, and yields maximum mineral resource potential of a region.

1. Bogatstvo nedr Rossii. Mineralno-syrevoy i stoimostnoy analiz (Russian subsoils wealth. Mineral resource analysis and valuation). Third edition, enlarged. Saint Petersburg : Publishing House of A. P. Karpinsky Russian Geological Research Institute, 2008. 484 p. (in Russian)
2. Karpenko N. B. Mineralno-syrevoy kompleks kak osnova sotsialno-ekonomicheskogo razvitiya Magadanskoy oblasti (Mineral resource complex as a basis of the social-economic development of Magadan oblast). Globus – geologiya i biznes = Globe – geology and business. 2010. No. 2. pp. 6–14.
3. Lomakina N. V. Mineralno-syrevoy kompleks Dalnego Vostoka Rossii: potentsial razvitiya (Mineralresource complex of Russian Far East: development potential). Responsible editor: P. A. Minakir. Khabarovsk : RIOTIP, 2009. 240 p.
4. Dudov N. N., Karpenko N. B., Makurin V. N., Mikhaylov S. B., Struzhkov S. F. Mineralno-syrevaya baza Magadanskoy oblasti: sostoyanie i napravleniya razvitiya (Mineral-resource base of Magadan oblast: state and ways of development). Mineralnye resursy Rossii. Ekonomika i upravlenie = Mineral Resources of Russia. Economics and Management. 2010. No. 4. pp. 4–15.
5. Goryachev N.A, Galtseva N. V. Natural resources of the Magadan region. Mining Journal. Russia Far East & Irkutsk. Special publication. February 2012. pp. 12–17.
6. Galtseva N. V., Sharypova O. A., Davydova A. A. Povyshenie konkurentosposobnosti otrasli spetsializatsii ekonomiki Magadanskoy oblasti (Increasing of competitiveness of the branch of specialization of Magadan oblast economics). Upravlenie ekonomicheskimi sistemami: elektronnyy nauchnyy zhurnal = Management of economic systems: scientific electronic journal. 2011. No. 12. Available at: http://www.uecs.ru.
7. Available at: http://www.consultant.ru/popular/nedr/. (in Russian)
8. Nezhenskiy I. A. O raschete tovarnoy stoimosti prognoznykh resursov i zapasov tverdykh poleznykh iskopaemykh (Calculation of the commodity value of the forecast resources and reserves of solid minerals). Mineralnye resursy Rossii. Ekonomika i upravlenie = Mineral Resources of Russia. Economics and Management. 2003. No. 3. pp. 54–57.
9. Kaganovich S. Ya. Ekonomika mineralnogo syrya (Economics of mineral resources). Moscow : Nedra, 1975. 216 pp.
10. Chernyavskiy A. G. O geologo-ekonomicheskoy i stomestnoy otsenke obektov tverdykh poleznykh iskopaemykh (About the geological and economic assessment and valuation of the solid mineral objects). Mineralnye resursy Rossii. Ekonomika i upravlenie = Mineral Resources of Russia. Economics and Management. 2013. No. 2. pp. 19–26.
11. Porwal A. K., Kreuzer O. P. Introduction to the Special Issue: Mineral prospectivity analysis and quantitative resource estimation. Ore Geology Reviews. 2010. Vol. 38, Iss. 3. pp. 121–127.
12. Akbari Afshin Dehkharghani, Osanloo Morteza, Shirazi Mohsen Akbarpour. Reserve estimation of an open pit mine under price uncertainty by real option approach. Mining Science and Technology. 2009. No. 19. pp. 709–717.
13. Geoffrey William Evatt, Mousa Omid Soltan, Paul V. Johnson. Mineral reserves under price uncertainty. Resources Policy. 2012. Vol. 37, Iss. 3. pp. 340–345.
14. Nieć M., Galos K., Szamałek K. Main challenges of mineral resources policy of Poland. Resources Policy. 2014. Vol. 42. pp. 93–103.
15. Bogatstvo nedr Rossii. Mineralno-syrevoy i stoimostnoy analiz : Poyasnitelnaya zapiska k geologoekonomicheskim kartam (Russian subsoils wealth. Mineral resource analysis and valuation : Explanatory note to geological-economic maps). Saint Petersburg : Publishing House of A. P. Karpinsky Russian Geological Research Institute, 2007. 550 p. (in Russian)
16. Salazar K., McNutt M. K. Mineral commodity summaries 2013. U.S. Department of the Interior, U.S. Geological Survey. Reston, Virginia, 2013. 198 p.
17. Orlov V. P. Geologicheskoe izuchenie nedr: inertsiya ili modernizatsiya (Geological investigation of the subsoils: inertia or modernization). Mineralnye resursy Rossii. Ekonomika i upravlenie = Mineral Resources of Russia. Economics and Management. 2012. No. 6. pp. 2–5.
18. Petrov O. V. Ob effektivnom ispolzovanii mineralno-syrevogo potentsiala nedr Rossii (About the efficient use of mineral-resource potential of Russian subsoils). Vestnik Chelyabinskogo gosudarstvennogo universiteta. Ekonomika = Bulletin of Chelyabinsk State University. Economics. 2010. No. 2(183), Iss. 23. pp. 20–28.