Mining companies in Russia are on a winning streak, according to an article in The Times Of India.
A Russian mining company, RTS Group, reported net profit of 7.9 billion roubles (about $5.7 billion) for the three months ended March 31.
RTS earned 8.2 billion rouble ($1.6 billion) in the first half of the year, the highest in the country’s mining sector, according the Russian Mining Industry Board.
The group reported that its earnings in the period amounted to 8.3 billion roules ($2.5 billion), while in the previous period, it earned 5.4 billion rouls ($1 billion).
RTS is a subsidiary of Russia’s state-owned mining company Sibur.
It has a market capitalization of about 10 billion rouches.
Russia’s largest mining company is the Russian National Oil Corporation, Rosneft, which is the world’s fourth-largest producer of oil and natural gas.
It is a joint venture of state-controlled companies Sibur and Gazprom.
The Russian National Mining Company, Rosogab, is a privately owned Russian company.
It was founded in 1869 and has a capital of about $400 million.