As in previous editions, this year’s review includes our financial analysis of the largest Russian, Ukrainian and Kazakh metals and mining companies that report under globally accepted standards (US GAAP or IFRS). Summarising their financial data has helped us draw a general picture of how the industry has developed over the past two-and-a-half years, from early-2009 to mid-2011. The results of our regional review are in line with overall global metals and mining trends, and reflect the industry’s global shift toward recovery following the financial crisis.
In addition to our financial analysis of the largest Russian and CIS metals and mining companies, we have traditionally featured expert articles on diverse topics of interest to everyone who works in or follows this critical industry. The 2011 edition includes articles covering the mineral resource base and industry development trends, as well as in depth “Country in focus” coverage of the investment environment in both Kazakhstan and Uzbekistan. We also feature two articles on highly relevant technical topics: practical project financing methods for exploring and developing solid mineral deposits, with a focus on the early stages; and a new value driver modeling methodology for resource extraction/processing that PwC specialists have used successfully in their work with Australian mining industry clients.