MECHANICAL ENGINEERING
Original Paper
UDC 621:338.363:338.28 © P.V. Simonin, N.M. Fomenko, A.A. Kuzmina, S.A. Anokhin, T.B. Kurbatskaya, O.A. Solovyeva, N.V. Kurbatskiy, T.S. Zhigunova, 2023
ISSN 0041-5790 (Print) • ISSN 2412-8333 (Online) • Ugol’ – Russian Coal Journal, 2023, ¹ 3, pp. 96-103
DOI: http://dx.doi.org/10.18796/0041-5790-2023-3-96-103
Title
STRATEGIES OF GOLD MINING COMPANIES, INVESTMENT IN MINING MACHINES AND ENSURING SUSTAINABILITY OF THE NATIONAL ECONOMY UNDER SANCTIONS
Authors
Simonin P.V.1, Fomenko N.M.2, Kuzmina A.A.3, Anokhin S.A.4, Kurbatskaya T.B.5, Solovyeva O.A.6, Kurbatskiy N.V.7, Zhigunova T.S.6
1 Financial University under the Government of the Russian Federation, Moscow, 125993, Russian Federation
2G.V. Plekhanov Russian University of Economics, Moscow, 117997, Russian Federation
3National University of Science and Technology “MISIS” (NUST “MISIS”), Moscow, 119049, Russian Federation
4State University of Land Use Planning, Moscow, 105064, Russian Federation
5Russian Open Academy of Transport at Russian University of Transport (MIIT), Moscow, 125315, Russian Federation
6St. Petersburg State University, St. Petersburg, 191123, Russian Federation
7Academy of Labour and Social Relations, Moscow, 119454, Russian Federation
Authors Information
Siminin P.V., PhD (Economic), Associate Professor, Chair of Management and Innovation, Faculty of Higher School of Management, e-mail: pvsimonin@fa.ru; e-mail: simoninp-v@mail.ru
Fomenko N.M., Doctor of Economic Sciences, Professor, Academic Department of Management and Business Technologies, e-mail: fnata77@mail.ru
Kuzmina A.A., PhD (Economic), Associate Professor, Senior Lecturer of the Department of Economics University of Science and Technology, e-mail: kuzmina.aa@misis.ru
Anokhin S.A., Doctor of Economic Sciences, Professor, Department of Economic Theory and Management, e-mail: asa70.70@yandex.ru
Kurbatskaya T.B., PhD (Psychological), Associate Professor, Department of Economic Theory and Management, e-mail: alterego123@yandex.ru
Solovyeva O.A., PhD (Economic), Associate Professor, Department of Management and Planning of Social and Economic Processes, e-mail: olesia-la-la@list.ru
Kurbatskiy N.V., Postgraduate student, Department of Economics and Management, e-mail: kurbatskynick@yandex.ru
Zhigunova T.S., Applicant, Department of Management and Planning of Social and Economic Processes, e-mail: Zhigunova19@mail.ru
Abstract
Gold remains one of the safest, most countercyclical, easily convertible and reserve assets. Implementation of priority strategies in the gold mining industry helps resist economic shocks, adverse epidemiological factors, crises and economic declines through increased demand for this precious metal and investment in mining equipment and machinery. The authors argue that gold mining contributes not only to economic growth of the national economy and the country's regions, but also creates prerequisites for shifting the international trade and payments to gold, which virtually means waiving the hegemony of the US dollar and using gold as a supranational currency. At the same time, accumulation of gold and foreign currency reserves will stabilize the national economy in response to the growing number of unprecedented sanctions. The analysis shows that the price of gold rises in the range of 33-70% during individual crises. This shapes the outlook for growth in gold mining and project financing, use of modern mining machines, launching of new projects, utilization of highly efficient technologies and geological exploration, which will ensure a significant increase in the country's gold reserves. In the forecast period, it is assumed that the mining and processing capacity for gold ore in Russia will increase up to 6,250 thousand tonnes by the end of 2022. The authors propose to use a matrix for selecting the strategies and innovative models of gold mining companies, which will make it possible to effectively implement the potential of the mining and machine-building complex and to consolidate efforts to ensure sustainability of the national economy.
Keywords
Strategies, Gold, Easily convertible assets, Sustainability, Reserves, Gold mining, Crises, Blockchain, Technologies.
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For citation
Simonin P.V., Fomenko N.M., Kuzmina A.A., Anokhin S.A., Kurbatskaya T.B., Solovyeva O.A., Kurbatskiy N.V. & Zhigunova T.S. Strategies of gold mining companies, investment in mining machines and ensuring sustainability of the national economy under sanctions. Ugol’, 2023, (3), pp. 96-103. (In Russ.). DOI: 10.18796/0041-5790-2023-3-96-103.
Paper info
Received February 7, 2023
Reviewed February 15, 2023
Accepted February 27, 2023
