Author 1:
Name & Surname: Zolotenkov Ya. V.
Company: Institute of Natural Resources, Tomsk Polytechnic University (Tomsk, Russia)
Work Position: Senior Lecturer

Author 2:
Name & Surname: Boyarko G. Yu.
Company: Institute of Natural Resources, Tomsk Polytechnic University (Tomsk, Russia)
Work Position: Head of department
Scientific Degree: Professor, Doctor of Economic Sciences
Contacts: e-mail: gub@tpu.ru

The most efficient approach to geological exploration financing is making geological exploration an independent industry, giving it autonomy on the services market and creating (in partnership with the state) demand for the geological exploration services. The authors propose: to introduce the notion of “comprehensive analysis of underground area”, to give a right to receive a mineral exploration and extraction license without bidding to people possessing geological information on a newly discovered mineral deposit under purchase and sales transaction; to make inspections with taking into account fulfillment of obligations on reproduction of minerals and raw materials in deposits the geological information about which was acquired under purchase and sales transaction; to elaborate and accept policy of capitalizing expenses of subsoil users for organization and execution of geological exploration; to implement partnership between the government and the private sector in the area of geological exploration by means of government sponsoring of geological exploration under specific-target projects aimed at prospecting and appraisal of selected minerals for import substitution and some deficit minerals replenishment of which, after extraction, is under 50 %.

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