Submit an Article
Become a reviewer
Vol 215
Download volume:

Project finance for strategic investment projects of mining corporations

T. V. Ponomarenko1
N. A. Belitskaya2
About authors
  • 1 — National Mineral Resources University (Mining University)
  • 2 — National Mineral Resources University (Mining University)
Date submitted:
Date accepted:
Date published:


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.

Go to volume 215


  1. Возможности проектного финансирования в российской нефтегазовой отрасли / «Standard & Poor’s» //, 2003, 19 августа.
  2. Йескомб Э.Р. Принципы проектного финансирования. М.: Вершина, 2008. 448 с.
  3. Конопляник А. Проектное финансирование в нефтегазовой промышленности: мировой опыт и начало приме-нения в России / А.Конопляник, С.Лебедев // Нефть, газ и право. 2000, № 1-2.
  4. Катасонов В.Ю. Проектное финансирование: организация, управление риском, страхование / В.Ю.Катасонов, Д.С.Морозов. М.: АНКИЛ, 2000. 270 с.
  5. Катасонов В.Ю. Проектное финансирование: мировой опыт и перспективы для России / В.Ю.Катасонов, Д.С.Морозов, М.В.Петров. М: АНКИЛ, 2001. 308 с.
  6. Никонова И.А. Проектный анализ и проектное финансирование. М.: Альпина Паблишер, 2012. 154 с.
  7. Сафронов Ю.С. Проектное финансирование в российских условиях // Управление проектами. 2008. № 4. С.21-35.
  8. Файт Э. Введение в проектное финансирование. М.: Интелбук, 2008. 208 с.
  9. Фаузер В.В. Проектное финансирование: мировой опыт и российская практика // Вестник Научно-исследовательского центра корпоративного права, управления и венчурного инвестирования Сыктывкарского госу-дарственного университета. 2007. № 4. С.69-78.
  10. Цикличность развития экономики и управление конкурентными преимуществами / Под ред. А.П.Градова. СПб: Полторак, 2011. 1150 с.
  11. Benoit Ph. Project Finance at the World Bank. An Overview of Policies and Instruments // World Bank Technical Paper, 1996, N 312, The World Bank, Washington, D.C.
  12. Clifford Chance. Project Finance. London: IFR Publishing, 1991.
  13. Esty B.C. Why Study Large Projects? An Introduction to Research on Project Finance // European Financial Man-agement. 2004. Vol.10. N 2. P.213-224.
  14. Nevitt P.K. Project Financing. Fourth Ed. London: Euromoney Publications, 1983.
  15. Nevitt P.K. Project Financing / P.K.Nevitt, F.J.Fabozzi. 7th edition. London: Euromoney Books. 2000.
  16. Platt G. Project Finance: Activity Reaches Fever Pitch // Global Finance. 2005, April 15.
  17. Vinter Graham D. Project Finance. A Legal Guide. London: Sweet & Maxwell, 1995.

Similar articles

On the necessity of taking into consideration the increment of the growing stock in cadastral valuation of lands of forest fund
2015 V. F. Kovyazin
Geochemistry of ore-forming hydrothermal fluids of the world ocean
2015 C. M. Sudarikov, M. V. Zmievskii
Socio-economic potential of large-scale projects to develop offshore oil and gas: risks and stakeholder expectations
2015 A. E. Cherepovitsyn
Scientific heritage of academician Nikolay Semenovich Kurnakov
2015 O. A. Dubovikov
Development of an environmentally safe gold extraction method from refractory ores using sodium thiosulfate as an extractant
2015 Yu. V. Sharikov, Ilkka Turunen
Use of geoinformation technologies for otpimized distribution of stations of atmospheric air quality monitoring
2015 M. V. Volkodaeva