hi boy
"Ugol" magazin


Original Paper

UDC 336.76: 622.012© O.Yu. Kuzmina, M.E. Konovalova, L.N. Safiullin, T. Chzhan, F. Faiz, 2024

ISSN 0041-5790 (Print) • ISSN 2412-8333 (Online) • Ugol’ – Russian Coal Journal, 2024, № 2, pp. 34-38

DOI: http://dx.doi.org/10.18796/0041-5790-2024-2-34-38




Kuzmina O.Yu.1, Konovalova M.E.1, Safiullin L.N.2,3, Chzhan T.2, Faiz F.2

1Samara State University of Economics, Samara, 443090, Russian Federation

2Kazan (Volga Region) Federal University, Kazan, 420008, Russian Federation

3Center for Advanced Studies of the Academy of Sciences, Kazan, 420111, Russian Federation

Authors Information

Kuzmina O.Yu., PhD (Economic), Associate Professor of the Department of Economic Theory, e-mail: pisakina83@yandex.ru

Konovalova M.E., Doctor of Economic Sciences, Head of the Department of Economic Theory, e-mail: mkonoval@mail.ru

Safiullin L.N., Doctor of Economic Sciences, Head of the Department of Financial Markets and Financial Institutions, Researcher, e-mail: lenar_s@mail.ru

Chzhan T., Postgraduate Student, Department of Territorial Economics, e-mail: zhangtingshuo1201@gmail.com

Faiz F.,Postgraduate Student, Department of Territorial Economics, e-mail: farkhat.faiz@mail.ru


In conditions of the ever-increasing sanctions pressure on the Russian economy, the issue of maintaining the investment attractiveness of domestic mining companies is becoming the most acute. Withdrawal of non-residents from the Russian stock market, refusal to rate the Russian mining companies, shrinking of their funding sources, and breaking of long-standing partnerships prompt to think about finding new ways to ensure the financial sustainability of the Russian mining business. The paper gives close attention to the current assessment of the investment attractiveness of mining companies and proposes a number of measures to improve it.


Mining companies, Sanctions, Investment attractiveness, Financial multipliers, Fair value, Information transparency.


1. Klayme T., Gokmenoglu K.K. & Rustamov B. Economic policy uncertainty, COVID-19 and corporate investment: Evidence from the gold mining industry. Resources Policy, 2023, (85), Part A.103787. DOI: 10.1016/j.resourpol.2023.103787.

2. Kazakova N.A. & Martynova D.Yu. Assessment of the investment attractiveness of metallurgical enterprises in an unstable macroeconomic situation. Chernye metally, 2023, (4), pp. 81-88. (In Russ.). DOI: 10.17580/chm.2023.04.13.

3. Kirsanov A.K., Saaya S.Sh., Karvanen A.E., Anushenkov S.V. & Lopatina A.N. Overview of the current state of the global mining industry. Markshejderiya i nedropol?zovanie, 2023, (2), pp. 38-43. (In Russ.). DOI: 10.56195/20793332_2023_2_38_43.

4. Ben Aris. LONG READ: Russia the mining and minerals titan of the future. Rough&Polished, 2023. Available at: https://rough-polished.expert/ru/expertise/130825.html (accessed 15.01.2024).

5. Anesyants S.A. & Timchenko O.V. Specific features in functioning of financial instruments and investment processes in conditions of the sanctions policy. Pervyj ekonomicheskij zhurnal, 2023, (3), pp. 106-112. (In Russ.). DOI: 10.58551/20728115_2023_3_106.

6. Khamuradov M.A., Chaplaev Kh.G. Analysis of investment processes in the Russian Federation at the current stage. ?konomika i predprinimatel?stvo, 2022, (8), pp. 848-850. (In Russ.). DOI: 10.34925/EIP.2022.145.8.167.

7. Urom C. & Ndubuisi G. Do geopolitical risks and global market factors influence the dynamic dependence among regional sustainable investments and major commodities? The Quarterly Review of Economics and Finance, 2023, (91), pp. 94-111. DOI: 10.1016/j.qref.2023.07.007.

8. Overland I. & Loginova J. The Russian coal industry in an uncertain world: Finally pivoting to Asia? Energy Research & Social Science, 2023, (102), 103150. DOI: 10.1016/j.erss.2023.103150.

9. Mochkabadi К., Kleinert S. & Urbig D., Volkmann C. From distinctiveness to optimal distinctiveness: External endorsements, innovativeness and new venture funding. Journal of Business Venturing, 2024, (39), 106340. DOI: 10.1016/j.jbusvent.2023.106340.

10. Lai F., Xiong D., Zhu S., Li Y., Tan Y. Will geopolitical risks only inhibit corporate investment? Evidence from China. Pacific-Basin Finance Journal, 2023, (82), 102134. DOI: 10.1016/j.pacfin.2023.102134.

11. Materova E.S., Isaeva N.A., Safiullin L.I., Orlov I.Yu., Gaizatullin R.R. & Nesterova O.A. Performance analysis of the mining sector in the context of digitalization as exemplified by ALROSA. Ugol’, 2023, (4), pp. 84-89. (In Russ.). DOI: 10.18796/0041-5790-2023-4-84-89.

12. Dubrovskaya E.S. The Russian economy under sanctions: current situation and prospects for innovative development. Kreativnaya ekonomika, 2022, (16), pp. 4553-4564. (In Russ.). DOI: 10.18334/ce.16.11.116637.

13. Hosoe N. The cost of war: Impact of sanctions on Russia following the invasion of Ukraine. Journal of Policy Modeling, 2023, (45), pp. 305-319. DOI: 10.1016/j.jpolmod.2023.04.001.

14. Chishti M.Z., Khalid A.A. & Sana M. Conflict vs sustainability of global energy, agricultural and metal markets: A lesson from Ukraine-Russia war. Resources Policy, 2023, (84), 103775. DOI: 10.1016/j.resourpol.2023.103775.

15. Wang S., Xu L., Yu S. & Wang S. Russia-Ukraine war perspective of natural resources extraction: A conflict with impact on sustainable development. Resources Policy, 2023, (85), Part A. 103689. DOI: 10.1016/j.resourpol.2023.103689.

For citation

Kuzmina O.Yu., Konovalova M.E., Safiullin L.N., Chzhan T. & Faiz F.Investment attractiveness of companies in the mining sector in conditions of the sanctions pressure. Ugol’, 2024, (2), pp. 34-38. (In Russ.). DOI: 10.18796/0041-5790-2024-2-34-38.

Paper info

Received December 11, 2023

Reviewed January 15, 2024

Accepted January 26, 2024


Hot from the press