Russia’s Rosgeologia Forecasts Record Volumes of Geological Prospecting in Africa

Russia's Rosgeologia Forecasts Record Volumes of Geological Prospecting in Africa
Russia's Rosgeologia Forecasts Record Volumes of Geological Prospecting in Africa

Africa-Press – Cape verde. Africa contains about 30% of the world’s mineral reserves, 8% of the world’s natural gas reserves, and 12% of global oil reserves. The continent also contains 40% of the world’s gold and up to 90% of chromium and platinum. The largest reserves of cobalt, diamonds, platinum, and uranium are in Africa, according to the UN Environment Program.

Russia’s state geological explorer Rosgeologia predicts that the number of solid mineral exploration projects in Africa will double in 2023, the company’s chief executive, Sergey Gorkov, told the media.

In particular, Rosgeologia is proceeding to the second stage of a gold exploration project in Sudan in 2023. Two more solid mineral projects are being implemented in Benin and the Central African Republic.

Sudan is now the largest Rosgeologia project in Africa in terms of revenue, Gorkov stated.

According to Rosgeologia’s CEO, negotiations are underway with Algeria (the signing of a firm contract is expected in May), as well as with Angola, Sierra Leone, Zimbabwe, Morocco, and Mozambique. The state holding plans to sign project agreements with the latter two countries by the middle of this year.

Africa has some of the greatest raw material potential in the world and remains undervalued from this point of view, independent industry expert Mikhail Leskov said, as cited by media.

According to Leskov, given the rising economic independence of the countries on the continent, Russia’s opportunities for cooperation with them are increasing.

Sergey Grishunin, managing director of the National Rating Agency (NRA), thinks that Africa is insufficiently studied, so, according to him, its geological potential is huge.

In addition, as the expert notes, there is “fatigue of the African authorities from Western geologists,” who traditionally do not fully disclose the results of the work carried out.

Moreover, the availability of their own resources, according to Grishunin, is becoming “critically important” for African countries, as this will allow them to pay for technology and equipment.

Russia’s Rosgeologia state holding is expected to have up to 10 projects in Africa in 2023, compared with four to five last year. The company’s CEO, Sergey Gorkov, stressed that this number of projects is set to be implemented for “the first time in history since the Soviet period.”

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