Mining companies cost reduction due to COVID-19 Russia 2020

The most popular measures that mining companies in Russia planned to undertake in order to reduce operational costs due to the coronavirus (COVID-19) pandemic were working with suppliers to reduce the cost of raw materials as well as minimizing expenses on repairs and consulting. Transitioning to the use lower quality raw materials and shortening the working week were less favorable options, with only 13.6 percent of respondents planning to implement each of those measures.

Planned measures to reduce operational costs due to the coronavirus (COVID-19) in mining companies in Russia in 2020

Characteristic	Share of respondents
Organizing tenders/working with suppliers to reduce raw materials' prices	59.1%
Reduction of costs of repair and maintenance of production funds	54.5%
Reduction of costs of consulting services	50%
Other	31.8%
Staff reduction	27.3%
Begin negotiations on delay/reduction of rent payments	18.2%
Replacing suppliers with transition to lower quality, but cheaper raw materials*	13.6%
Transitioning staff to a shortened working week	13.6%

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Release date

April 2020

More information

Region

Russia

Survey time period

2020

Special properties

Mining and metals companies

Supplementary notes

* The full response option was stated by the source as follows: "Replacing suppliers with the transition to lower quality, but cheaper raw material/supporting materials/component parts/other types of procurement."

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