The investment policy of the large integrated companies at mineral and raw material sector and fuel and energy complex provides strategic investment, is directed on full modernization of profile actives, dynamical placing of actives, portfolio strategic investment that allows to manage value of the company. The choice of a method of an estimation of the strategic investment project should consider the factors: type and character of the project, level of detailed elaboration of estimation, the budget of the project and capital structure, degree of development of the financial market, feature of the taxation. Complexity of an estimation of strategic investment projects in the mining companies is caused by necessity of correct definition of term of realization, a correct choice of a method of estimation, the importance of the account of dynamics of environment and specificity of emerging markets for the Russian conditions.
The detailed analysis of quantitative methods of innovation projects’ risk assessment is made, the advantages and limits of several methods are shown. The possibilities of usage of the most modern methods of risk assessment, including real options method and method of multivariate fuzzy analysis, are characterized.
The classifications of risks based on different parameters are considered; the specific risks of innovative projects are sorted out and structured. The approaches to the quantitative assessment of risks are analyzed, their features, contents, advantages and limits are determined. The conditions of appropriate usage of these approaches are considered. The possibilities of hierarchical process analysis method are shown.
Interest of the enterprises in results of the activity and dynamics of environment strengthen necessity of increase of competitiveness of let out production. Article is devoted a problem of an estimation of competitiveness of mountain production. Features of formation of competitiveness of production of mining industry on an example of production of copper branch are with that end in view in details considered. Possibility of application of a method of an estimation of competitiveness of production on the basis of the is indistinct-plural analysis is proved. Conditions and technologies of application of a technique are considered. The offered model and the developed technique is approved on an example of a principal view of production of Joint-Stock Company «Ormet».
Significance of intellectual capital considerably increases in a market economy. Intellectual capital of a company includes human capital, organizational capital and consumer capital, which interact with each other and ensure the effective functioning of companies and give them a competitive advantage in the market. The article reveals the structure of intellectual capital of companies FEC as well as approaches to its assessment. The authors also demonstrate the need to maintain the intellectual capital and propose mechanisms of its development.
Application of methodology of the Balanced Scorecard (BSC) for management of the company, realizations of strategic targets is proved. The BSC is added reproductive and innovative potentials taking into account specificity of iron-ore enterprises’ activity. Priority value of an estimation of reproductive potential for the mountain enterprise is shown. Strategic cards of «Mikhailovsky GOK» and «Karelian okatysh» on the basis of the BSC are constructed; relationships of cause and effect are established. Actions for efficiency’s increase of companies’ activity on the basis of the BSC are offered.
The article deals with the notion of competitiveness, built classification of factors of competitiveness organizations with specific of mining and chemical industries. There is considered the interrelation of investment attractiveness of the enterprise and its competitiveness, a method of assessing the investment attractiveness of large companies, based on the assessment of both external and internal attractiveness. The results of testing method on the Russian and Canadian producers of mineral fertilizers: Uralkali, Silvinit, EuroChem and Potash Corp and identified factors that have the greatest impact on the investment attractiveness of the industry in today's competitive environment.
Much academic work views the Russian gas sector in the first place from the standpoint of security of supply (European security). Concern is expressed about Europe’s level of dependence on Russian gas, and the lack of readily available alternatives. Few academic research, however, aims at discussing impact of the global economic crisis on the Russian sector and Russia’s response to it. This paper aims to contribute to this discussion by considering the Russian gas sector in the context of challenges caused by the economic downturn and by some other factors as well as the way how the Russian gas industry meet them. Discussions of domestic gas industry development and Russia’s export strategies have been set against this background. The structure of the pa- per reflects aforementioned topics.
Effective strategic management of mining companies is based on mechanisms of formation of the steady competitive advantage, realised by means of purposeful and co-ordinated strategy. The model of strategic management by competitiveness of the company is based on the resource concept, the theory of the value based management, the institutional theory, the theory of competitive advantages. Basic distinctions between the theory of positioning and the resource theory are shown. Importance of the account of the institutional restrictions creating artificial competitive advantages is proved. The approach to an estimation of efficiency of financially-investment strategy of the company is offered.
The modern industrial corporations are deeply integrated which is expressed in a variety of connections and interactions. Key among these are technological connections based on which the commodity and cash flows are generated. The global innovative economy impacts economic activity integration and consolidation parameters, leading to organization of strategic management and value creation chains in mesoeconomic network structures with a single logistic center, intangible assets and a special system of long-term contracts. Product fabrication in the mineral resources sector is primarily associated with the large highly efficient companies. Meanwhile present competition in the global resource extraction and a need in further development and growth of the companies, especially in the resource-based economies, become a stimulus for implementation of large-scale strategic projects involving exploration of new mineral resources. As a rule, strategic projects in mineral sector have impact on the population and various business actors, on the development of an industry, a region and a country as a whole. Strategic investment projects in the mining sector are often implemented in complicated organizational, technical and economic setting, including poor infrastructure, harsh natural climatic and geographical conditions, lack of qualified staff, a need in large-scale funding, a need to mitigate material adverse effect on the environment. Large-scale projects implemented in the frontier regions have significant impact on the development of resource- based economies and cross-border cooperation. Selection of a modality for implementation of the mining project and assessment of its effects can be based on the added value concept, which maximizes the value growth. Value creation pattern depends on a number of production stages, depth of diversification, production capacity, company assets and range of products. Here it is important to consider not only project’s positive NPV, but also emerging additional effects related to project integration and implementation in the value chain. The purpose of the study is to justify a methodic approach based on the value chain to the assessment of effects of a large-scale mining project, which may have impact on a holding, a region, national economy and cross- border cooperation. The research carried out helped to justify the use of the added value concept for deciding on the type of pro ject for the field development, the basic and additional effects of a large-scale mining project have been revealed and possible organizational and economic framework for creation of tin industry in the Republic of Kazakhstan has been proposed.
Possibility of formation of a mining complex arises on the basis of advanced industrial production, in the conditions of growing technical progress, in the presence of sufficient financial assets as only in these conditions it is possible to solve most full a problem of maintenance of manufacture without waste by means of the closed production cycle including system of the industrial and production and serving enterprises, system of effective preservation of the environment, on the basis of introduction of modern methods of the organization and management, planning and the manufacture account. The sustainable development of the mining enterprises is in a greater degree predetermined by interrelation between the enterprises entering into a mining complex. At the same time, the concrete maintenance of the economic relations, which influence is still insufficiently full opened on, all system of the enterprises would transform them into a uniform complex.
Analyzed is the order of recognizing and reflecting mineral reserves/resources geological exploration, evaluation and development costs established in the RF which are materially contributing to general expenses of mining enterprises. Systematized are the issues requiring further scientific investigations and methodical solution in the area of determination of the technique of accounting for prospecting, evaluation and development of mineral deposits. Based on the world experience a proposal has been put forth to refer these costs to intangible assets of mining production units. The methodical approaches for determination of value and booking of intangible assets data have been developed to be applied in economic activities of mining enterprises.
Problems of natural resources rational use and the environment protection at extraction and processing of minerals and nature resources potential are considered. Estimation of economic consequences of technogenic influence on the environment serves for nature use system effectiveness determination, nature use strategy and nature protection activity directions substantiation. Achievement of normative demands and ecological cleanness with minimum waste of recourses serves as criterion of nature protection activity effectiveness at mining enterprises.
Reliable estimation of assets valuations in mining companies play a significant role in ensuring capital accessibility as well as correct current and future company valuation. Valuation of assets can be fulfilled either by a costs or by a fair (market) value, and also should be based on the value-based approach that represents management flexibility consideration. By valuation of a mining company's assets and also assets of corporate companies which have mineral assets, it is necessary to consider mineral resources as assets and reveal their systemic and specific features. Mineral resources as assets and mining industry itself have strongly pronounced option characteristics, which determines significance of the option approach's correct application and quantitative assessment of management flexibility. Application of the real options method improves the methodology of a mining company's valuation and strategic management tools by means of an adequate allowance for risk, ensuring of flexibility and strategic decision consistency, opportunities of fast switching over and continuity of changes.
The concept of a company's market value management based on correlation between the systems of financial and strategic management forms the system of integrated indicators of the enterprise activity efficiency. It is shown that a company's market value can act as an indicator of its strategic competitiveness. Essence, factors and principles of company's market value management are defined. The author's classification of methods and models of mining enterprises' value estimation is offered. The methodic approach to mining and chemical enterprises' value estimation is based and applied, the join-stock companies' «Sylvinite», «Uralkali», «Apatit» value estimations were obtained on the basis of the modified Edwards-Bell-Ohlson model.
Corporate social responsibility (CSR) is built on interaction between companies and the society which is especially important for major companies that exploit natural resources and play the role of city-forming socially significant entities. Various interpretations of the notion of social responsibility define the varying levels of influence companies have on the society, different levels of contribution of companies in the said process and the degree and level of implementation of CSR. The relations between social responsibility and economic results and the effects of implementing CSR policies are often not obvious. This study offers an assessment of present-day state of corporate social responsibility policies in coal companies of Russia and Poland and formulates proposals on implementing social responsibility projects with consideration of state-of-the-art CSR concepts. The results of the study are as follows: the achieved level of social responsibility in coal companies of Russia and Poland has been assessed; it is proven that most companies in the coal industry are at the level of fragmentary application of CSR concepts; an analysis has been carried out of tools available in the area of social responsibility of coal companies.
Since mining projects have a long-term character, the activity of mining companies is closely linked with the development of regions of their presence. The main external stakeholders in long-term mining projects are the local population, public authorities of various levels and local governments. In Russia, mining projects are being implemented both in the industrialized territories and in the new mining regions, therefore the interests and the degree of influence of the stakeholders are different. In European countries, acting mining companies operate in areas with a high level of urbanization, having a significant impact on the quality of life of the population and the development of regions. In addition, one of the key industry stakeholders in the implementation of mining projects is the European Union. The article describes the characteristic features and conditions for interaction between the initiators of long-term mining projects with different categories of stakeholders. The models of identification, classification and management of stakeholders have been analyzed, approaches to the analysis of the nature of stakeholder interaction in the implementation of projects in the mineral sector have been substantiated. To determine the degree of influence, interest of the authorities and identification of definitive groups of stakeholders in long-term mining projects, matrices for classification of stakeholders in the construction projects of «Elegestsky GOK» and «Tominsky GOK» have been created. It is proved that effective interaction with stakeholders determines the opportunities for timely implementation of mining projects and increase of the company value.
A strategic project realization in large companies leads to long-term competitive benefits, but is very costly, has high risks and complicated structural arrangement. Long payback period, high debt and risk burden result in the necessity to use project finance facilities. The research aims to find out conditions and justify the possibility of the use of project finance in Russian mining companies in terms of the new legal framework. Characteristics of projects requiring the use of project finance are determined. The article clarifies the principles and definition of project finance. Specific risks and realization problems of project finance in the Russian context are analyzed. A comparison between the Russian legal framework of project finance and regulation in foreign countries is made; examples and problems in the Russian project finance practice are shown. The results can be used by mining companies for justification of the optimal financial strategy for major investment projects realization.
Existing techniques of an estimation of degree of complexity of mining-and-geological parameters for the forecast of efficiency of economic investments at development of new coal-fields are analyzed. The scheme of typification of stocks on complexity of mining-and-geological parameters both economic efficiency of working off and the technique of grouping of deposits and their sites are offered.
The possibility of a balanced scorecard was substantiated for strategic management of integrated mining companies. The advantages and limitations of using key performance indicators were showed. Strategic analysis was done, key performance indicators were selected, we calculated the rates, the development strategy of the holding LLC «Metal group» was justified.
The theoretical and practical aspects of financial and management accounting of expenditures in Russian and international practice under conditions of market, planned and emerging economies are considered. The author proves that it is necessary to adjust the native systems, methods of cost management and accounting to the specific conditions of production with integrated processing of compounding mineral raw materials.
The main features of the strategic management of the shipbuilding industry in the global economy. Based on the analysis of the world there-tuning, strategy and role in the global market of domestic justified the need to adjust the strategy of shipbuilding, especially competitive and determined the direction of achieving competitive advantage. Basic strategy of shipbuilding Russia marked the integration, competitive advantage based on differentiation.
To improve the competitiveness of the petrochemical industry of the Omsk region and the further successful development requires the creation of a dynamic cluster, the network operates on the basis of long-term relationships as well as the coherence of development strategies and interaction determinants of competitive advantages.
Evolution of the corporate reporting from the regulated financial reporting to the integrated is analysed. Kinds of the corporate reporting, sources of the used information and the requirement to the information are considered. The basic conditions and factors of formation of the integrated reporting are revealed. The basic problems of modern level of the corporate reporting and a direction of its development on an example of the companies of mining branch are shown.
In paper the problem of distribution of expenses at the companies with complex processing of mineral raw materials is considered. The method of distribution of expenses on an example of the mining company and its defects is defined. In the conditions of instability in the market of mineral raw materials the minimum limit of the price for each type of production is established, the analysis of offered system of distribution of expenses is carried out and expediency of its application at this company is defined.
The characteristic of the unique iron ore enterprise is given. The assessment of capital expenses for building of land and underground objects of Yakovlevsky mine is made. The assessment of the current expenses for realization of the project is made. The economic indicators of efficiency of the project on increase of capacity of Yakovlevsky mine JSC «Metall-group» to 4,5 million tons per year are calculated. Planned technical and economic indicators are given. The assessment of financing source of the project is made.
In the ten years the Russian economy showed wasteful attitude to the use of associated petroleum gas (APG). As a high-value chemical raw material and high-efficiency organic fuel, APG is an integral part of effective energy use in conditions of energy products growing deficit. The article analyses the main directions for the development of networks in the Russian Federation for the oil and gas industry, highlights the most promising areas in terms of the wide-spread use of this type of gas resource.
The model of an assessment of resource value of mining company on the basis of complex application of costing and profitable approaches is developed. The offered model reflects both the quantity of net assets of the company, and value of the mineral and raw assets (MRA) supervised by mining company. Need of an assessment and inclusion in model of value of MRA is caused them by the uncertain status in system of economic resources. Methods of calculation of cost of net assets are systematized and methods of determination of value of MRA are offered. Influence of corporate programs of development on change of resource value on JSC Kovdorsky GOK is shown.
The value of any company can be estimated on the basis of application of three approaches: costing, comparative and profitable. Each of them has advantages and problems of using, yielding various results at an assessment of the companies in insufficiently developed, inefficient and inactive markets. Specifics of mining companies defines a choice of the integrated approach combining elements of costing and profitable approaches. The method of an assessment of value of mining companies on the basis of Olson's model is offered. The assessment of value of JSC Kovdorsky GOK is executed. Influence of the strategic investment project on a gain of value of the company is shown.
Theoretical and practical questions of change of corporate structure of property in the large companies are considered. The reasons of unfriendly absorption on an example greenmail are established and analysed, methods of corporate capture and the main ways of protection of the companies from unfriendly absorption and corporate blackmail are considered. It is shown that improvement of quality of corporate governance provides stability and efficiency of activity of the companies.
In the conditions of high rates of inflation it is necessary to provide comparability of expenses for the prospecting works made in different years. The technique of the accounting of inflationary processes in prospecting branch on the basis of statistical methods is developed. The technique allows to provide comparability of expenses occurring at different times for geophysical works, explorative drilling and their results in the conditions of high rates of inflation that increases reliability of planned calculations and reduces risks.
One of the fundamental development factors of global economy is the steady growth of consumption and production of the rare-earth metals (REM). It has been an indicator of eco-nomic development and national security in industrialized countries for decades. The existing resource dependence on the Chinese producers and monopolization of the market promoted ex-tension and realization of REM development state programs in many countries. Established un-der the conditions of centrally planned economy, the Russian rare earth industry is off so far. The key factors of the Russian REM industry degradation are the gap of technological chains, the lack of internal demand for innovative products of high degrees of processing, the low level of mineral processing technologies, the need for skilled workers, the large-scale investments re-quirement. So the interrelation and the difficulty of assessing and managing these factors within their strategic nature actualize the problem of implementation and development of an integrated national program aimed to promote the creation and development of rare-earth production and consumption. Objective: To determine the strategic priorities of creating a system of production-consumption of rare earth industry in Russia in the face of global competition and the mecha-nisms of their maintenance by government regulation. Methodology of research: comparative analysis, system analysis and economic market analysis, forecasting techniques, methods of expert assessment. Research results: The supply and demand assessment of REM global and domestic market in the medium and long term is given. Research covers the state, problems and prospects for re-covery and development of Russian REM industry. The opportunities for operational commis-sioning of natural and man-made sources of rare earth materials are identified. The comparative analysis of existing programs of state regulation of REM in the developed countries is carried out. The proposals for the recovery and development of REM in Russia are formulated.
The development of the Arctic shelf is a strategic long-term objective of the energy development of the Russian Federation. At the present time, resource and economic potential of offshore oil and gas development projects is huge. However, it is constrained by the complexity of developing offshore oil and gas resources due to climatic, geological and technological conditions. In addition, the current unstable situation with world oil prices is also a constraint on largescale involvement in the industrial development of offshore oil and gas resources. The aim of the research is to determine socioeconomic potential of large-scale projects to develop oil fields in the Arctic shelf of Russia. The article presents the peculiarities of developing offshore fields, which are characterized by severe climatic conditions, high environmental risks, unique technological solutions, lack of infrastructure in coastal areas. A comparative analysis of projects to develop land and shelf is performed. The regional authorities’ and businesses capability of implementing large-scale projects to develop offshore fields on economic, social and environmental criteria is identified. The positive and negative effects of socio-economic development of the territory implementing projects of hydrocarbon field development are evaluated. A schematic diagram of the socio-economic potential of hydrocarbon resources development projects reflecting the opportunities and risks of such projects from the perspective of key stakeholders is developed. A set of strategic objectives to successfully implement projects in the Arctic shelf of Russia are proposed. The findings of the research can be used by the departments of energy, industry and mineral resources in the preparation of long-term strategic development programs for the oil and gas industry.