Complex mining projects, as a rule, have significant economic and social impact on the territory, sometimes entire regions where they are implemented. Consumers of their implementation effects are population, government, buyers, lenders and other stakeholders. Therefore, development of transport infrastructure in integrated projects for development of mineral deposits should have state support, forms of which are very diverse. In Russia parameters of concession agreements for construction of transport infrastructure, carried out in conjunction with projects for development of mineral deposits, are not regulated or justified. Aim of the work is to develop an organizational model and justify parameters of concession agreement for construction of the railway as a key element of transport infrastructure necessary for successful implementation of the project for development of a large coal deposit in a low-developed region. Research methods are: strategic, institutional, investment analysis, modeling and forecasting methods. The article proposes an approach to justification of technical, economic and financial parameters of concession agreement implemented during realization of an integrated mining project. As a result of the study, a concession agreement model was developed for construction of railway section as part of an integrated mining project, including development of a deposit and construction of a mining and concentrating company.
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.
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.
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.
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.
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 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.
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 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.
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.
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 safe parameters of temporary interchamber pillars have been determined for the chamber-and-pillar method with ore discharge on trenches in designing of underground mining of the Koashva apatite-nepheline deposit. The results of calculation of economical efficiency of comparable parameters are presented. It was substantiated that the economical efficiency of application of the chamber-and-pillar method up to the depth of 800 m is related to the increase of natural yielding of interchamber pillars.
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.
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».
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 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.
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.
There are different approaches and methods of valuation of cost of the company. Valuation of cost of the mining companies differs from a valuation of the others by some features. The most important of them is necessity of valuation mineral resources belonging to it. In work valuation of cost of the mining company is considered (for example, JSC «SOBR»). Company cost is evaluated with the positions of the two approaches: the cost and profitability, with allowance for the features inherent in mining branch. The problems arising at valuation of cost of the mining company are formulated.
The potassium companies of Russia and Belorussia, developing the unique deposits of potassium salts, provide more than 40 % of the world production of potassium fertilizers. Therefore economic efficiency from their activity considerably influences to the world market of potassium. Being the companies which export more than 80 % producible products «Belaruskali», «Uralkali» and «Silvinite» have problems with the transport of fertilizers in Brazil, India, China. Therefore for the increase of competitiveness of these enterprises it is necessary to develop an effective logistic chain which would take into account their geopolitical features.
There is no theoretical basis of the structure and directions for optimization of institutional systems of use of subsurface resources in Russia. The institutional system of subsurface resource management includes: legislation; financial support mechanisms for reproduction of raw material base measures; economic mechanism of subsurface resource management and environmental protection (such as bidding rights of using subsoil); programs for mineral prospering; taxation of mining companies; further development of licensing; audits; creating a reserve stock of minerals.
Competitiveness of a mining enterprise has a dynamic character which defines a necessity to evaluate a potential of competitiveness at the moment and in the future. The evaluation of competitiveness’ potential has to be systematic, to engulf different levels which are differentiated by interval of evaluation, information sources, evaluation base, methods and results. The method of evaluation of basic indices of competitiveness’ potential is presented in this paper. The calculation of operation and dynamic competitiveness’ potential of JSC “Uralkali” and JSC “Silvinit” for 2007 year was made and the interpretation of received results was given.
Для эффективного управления деятельностью предприятия необходимо разработать объективный метод ее оценки. Изложена методика определения потенциала конкурентоспособности. Отличие данного метода от широко используемого метода определения конкурентоспособности, а также его большая объективность представлены на примере предприятий калийной промышленности ОАО «Сильвинит» и ОАО «Уралкалий».
Развитие современного предприятия, своевременное предотвращение внутренних и внешних угроз его существованию требуют «диагноза» и оценки его экономического состояния, необходимых для принятия стратегических управленческих решений по повышению экономической эффективности деятельности и конкурентоспособности компании. Оценка конкурентоспособности организации необходима для эффективного инвестирования и выработки конкурентной стратегии компании, поэтому она является важнейшей экономической задачей. Оценивая конкурентоспособность компаний калийной отрасли Российской Федерации в2006 г., делаем вывод о значительном превосходстве по большинству показателей ОАО «Сильвинит» над ОАО «Уралкалий». Учитывая прогнозную динамику показателей конкурентоспособности компаний на 5 лет, следует отметить значительный потенциал конкурентоспособности ОАО «Уралкалий».