• Liudmila A. Mochalova
• Vladimir N. Podkorytov

Podkorytov V. N., Mochalova L. A. Analysis of commodity prices impact on the manageability of market capitalization of an oil and gas company. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2019; 7: 122–131 (In Russ.). DOI: 10.21440/0536-1028-2019-7-122-131

Research aim. The research is focused on the analysis of commodity prices impact on the manageability of company’s market capitalization by the example of the largest public joint stock companies of oil and gas producing industry abundant at the national stock market. Research object is prices for commodity (oil and natural gas) and stock prices of PJSC Gazprom, PAO Novatek, PJSC Rosneft, PJSC LUKOIL, PJSC Tatneft, PJSC Surgutneftegas. Research methodology and tools. Within the framework of the regression analysis carried out by the authors, the price of 1 barrel of oil and 1 Mmbtu of natural gas were accepted as a factor indicator (closing monthly futures) expressed in US dollars. The price of 1 stock item of an oil and gas company (monthly closing prices) expressed in US dollars.
Results. The regression analysis has shown the following. Firstly, there is some dependence between oil and gas companies stock prices and oil prices, with other external and internal cost factors the given connection is rather strong for several enterprises. Secondly, dependence between stock prices of gas producing companies and prices for natural gas is unobvious which is probably connected with speculative short term spikes in the stock market and results in the need to use monthly median prices. Thirdly, PJSC Surgutneftegas stock prices independence from commodity prices may indicate that attracting investment by means of securities realization in the stock market is not a priority task. Scope of research. Research results may be used by the investors willing to invest in shares of oil and gas companies and by these companies’ managers when controlling their cost.
Summary. The outcome of the research is the following. Firstly, oil and gas companies differ and require not general, but individual approach to cost factor models development. Secondly, when calculating, the use of only one cost factor is not very reasonable, therefore multifactor regression model development is required when managing the cost of a company.

Key words: oil and gas company; company’s market capitalization; price for oil; price for natural gas; price for a stock item; cost factors; company’s cost management.

REFERENCES

1. Podkorytov V. N., Mochalova L. A. Market capitalization of the largest enterprises of Russian mineral resources sector in the conditions of a resource export economic model. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2019; 1: 87–94. DOI: 10.21440/0536-1028-2019-1-87-942.
2. Sergeev I. B. et al. Cost management of investment projects in mineral prospecting and extraction. Ufa: Neftegazovoe delo; 2017. (In Russ.)
3. Kononykhin M. A. Mining company cost management in the conditions of commodity price high variability. In: Problems of subsoil exploration in the 20th century as seen by the eyes of young scientists: proceedings of the 7th international scientific conference for young scientists and professionals dedicated to the Year of Russia in France and the Year of France in Russia. Moscow: IPKIN RAS Publishing; 2010. p. 482–484. (In Russ.)
4. Karlina E. P., Tarasova A. N. Value analysis as a method of increasing the efficiency of business processes of oil companies. Vestnik Astrakhanskogo gosudarstvennogo tekhnicheskogo universiteta. Seriia: Ekonomika = Bulletin of Astrakhan state Technical University. Economics. 2018; 4: 36–44. (In Russ.)
5. Tishko R. V. Analysis of Russian public companies' market capitalization factors in the post-crisis period. Naukovedenie = Science Studies. 2016; 8 (5, 36): 62. (In Russ.)
6. Petrushina A. A. Analysis of market capitalization and fair market value of the business. Molodezhnyi nauchnyi vestnik = Youth Science Bulletin. 2017; 11 (24): 234–238. (In Russ.)
7. Patraev G. V. Significant influence of market factors on the company’s capitalization. In: Science, innovations, technologies and education: proceeding of international science to practice conference. Saratov: SSAU named after N. I. Vavilov Publishing; 2017. p. 338–341. (In Russ.)
8. Kulikov V. S., Babakhaniants A. A. Factors of company market capitalization. Sovremennye ekonomicheskie i informatsionnye tekhnologii = Modern Economic and Information Technologies. 2018; 2: 31–36. (In Russ.)
9. Shimko O. V. The dynamics of capitalization of oil and gas sector after the global financial crisis. Ekonomika i predprinimatelstvo = Journal of Economy and Enterpreneurship. 2016; 7(72): 559–564. (In Russ.)
10. Investing. Available from: www.investing.com [Accessed 1st July 2019] (In Russ.)
11. Apergis N., Ewing B. T., Payne J. E. A time series analysis of oil production, rig count and crude oil price: Evidence from six US oil producing regions. Energy. 2016; (97): 339–349. DOI: 10.1016/j. energy.2015.12.028
12. Dong G., Chen P. A review of the evaluation methods and control technologies for trapped annular pressure in deepwater oil and gas wells. Journal of Natural Gas Science and Engineering. 2017; (37): 85–105. DOI: 10.1016/j.jngse.2016.11.042
13. Ewing B. T., Thompson M. A. The role of reserves and production in the market capitalization of oil and gas companies. Energy Policy. 2016; (98): 576–581. DOI: 10.1016/j.enpol.2016.09.036
14. Castaneda L. C., Munoz J. A. D., Ancheyta J. Current situation of emerging technologies for up grading of heavy oils. Catalysis Today. 2014; (220): 248–273. DOI: 10.1016/j.cattod.2013.05.016
15. Dayanandan A., Donker H. Oil prices and accounting profits of oil and gas companies. International Review of Financial Analysis. 2011; 20(5): 252–257. DOI: 10.1016/j.irfa.2011.05.004
16. Diachkov I. V. The study of oil companies’ stock dynamics depending on oil prices. Vestnik sovremennykh issledovanii = Bulletin of Modern Research. 2018; 5 (4, 20): 115–121. (In Russ.)
17. Lipatnikov V. S., Kirsanova K. A. Assessment of the Impact of the Adverse Economic Geopolitical Environment on the Worth of Russian Oil and Gas Companies. Upravlencheskie nauki = Management Science. 2018; 8 (2): 30–43. (In Russ.)
18. Belova T. A. Econometric analysis of the dependence between the company’s stock pricing dynamics and dollar exchange rate and oil prices. In: Innovation development of Russian economy. Moscow: Plekhanov RUE Publishing; Russian Scientific Fund for the Humanities; 2016. p. 223–224. (In Russ.)
19. Rajesh Kumar, Sujit K Sukumaran. Value drivers in Oil Companies: An Application of Variance Based Structure Equation Model. Contemporary Management Research. March 2017; 13 (1): 31–52. DOI:10.7903/cmr.16165
20. Rim Ayari. Impact of Corporate Governance on Value Creation and Corporate Productivity: Evidence from Tunisian Context. Research Gate. February 2018. DOI: 10.5539/ijef.v10n3p215

Received 18 July 2019

• Andrei A. Panzhin
• Aminyam A. Baltieva
• Lyazzat S. Shamganova
• Gulnur B. Abdykarimova

Baltieva A. A., Shamganova L. S., Abdykarimova G. B., Panzhin A. A. Existing monitoring systems and the need to update the regulatory and methodological framework to ensure the safety of open pit mining. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2019; 7: 92–100 (In Russ.). DOI: 10.21440/0536-1028-2019-7-92-100

Introduction. Steady increase in the depth of mining poses more complex problems for specialists and scientists all over the world connected with subsoil use efficiency and safety. Complex monitoring system which includes modern observation technologies, data selection and transfer, as well as emergency response and loss of life averting is a powerful tool for the mentioned tasks solution. Research aim is to define the integrate strategy of geomonitoring at opencast mining in the modern context.
Methodology. At the present time the earth’s surface displacement and deformation assessment criteria of the existing normative-methodological framework in the Republic of Kazakhstan are rather generalized and do not take into account the achievements of modern monitoring systems implemented to observe pit benches and edges deformation.
Results. The article presents the proofs of reliability of various monitoring systems and gives good examples from the worldwide practice.
Summary. By analysis results, the most reliable equipment has been determined for short term monitoring with early warning system; the scheme of developing an integrated geomonitoring system at open cast deposits has also been presented. The introduction of pit edges integrated monitoring strategy will significantly improve the safety of mining, prevent emergency connected with geomechanical processes, will make it possible to collect data on deformations. This solution will significantly reduce geomechanical risks and allow to continue ore excavation in complex conditions in a safe and economical way.

Key words: pit; types of monitoring; safety of mining; optical-electronic, laser-ranging, satellite navigation/remote sensing, photogrammetric, radar and georadar technologies; deformations.

REFERENCES

1. Mukhametkaliev B. S., Kaliuzhnyi E. S., Siedina S. A., Abdibekov N. K. Geomechanical stabilization of pit edges when increasing the depth of mining. Gornyi zhurnal = Mining Journal. 2018; 4: 27–32. (In Russ.) DOI: 10.17580 / gzh.2018.04
2. Siedina S. A. Geomechanical stabilization of pit edges when increasing the depth of mining: PhD dissertation. Almaty; 2019. (In Russ.)
3. Nesmashnyi E. A., Tkachenko G. I., Bolotnikov A. V. Review of technologies and hardware for pit edges and dumps state geomechanical monitoring. Razrabotka rudnykh mestorozhdenii = Ore Mining. 2010; 93: 1–5. (In Russ.)
4. Kuzmenko S. V., Shamganova L. S., Akhmedov D. Sh., Baltieva A. A. Data navigational support of mining at the open pits of Sokolov-Sarbai mining production association. Gornyi zhurnal = Mining Journal. 2018; 5: 72–77. (In Russ.)
5. José C. Mura, Waldir R. Paradella, Fabio F. Gama, Athos R. Santos, Mauricio Galo, Paulo O. Camargo, Arnaldo Q. Silva, Guilherme G. Silva (2014). Monitoring of surface deformation in open pit mine using DInSAR time-series: a case study in the N5W iron mine (Carajás, Brazil) using TerraSAR-X data. Proc. SPIE 9243, SAR Image Analysis, Modeling, and Techniques XIV, 924311 (21 October 2014).
6. Galperin A. M. Geomechanics of opencast mining. Moscow: MSMU Publishing; 2003. (In Russ.)
7. Erol S., Erol B., Ayan T. (2004). A general review of the deformation monitoring techniques and a case study: analysing deformations using GPS/levelling. ITU, Istanbul, Turkey.
8. Baltiyeva A. A., Shamganova L. S., Sedina S. A., Tulebayev K. K. The choice of rational and effective technical tools when conducting the uniform combined geomonitoring for the open-pit mines. 25th World Mining Congress 2018. Astana, 2018.
9. Steven E. Borron, Kumar Raut. Predicting slope failures using slope-monitoring radar. Arizona, USA. 2016.
10. Brian Klappstein, M. Sc., Gheorghe Bonci, Wayne Maston (2015). Implementation of real time geotechnical monitoring at an open pit mountain coal mine in Western Canada, World Multidisciplinary Earth Sciences Symposium. Prague (Czech Republic) 7–11 September.
11. Ashkan Vaziri, Larry Moore, Hosam Ali. Monitoring systems for warning impending failures in slopes and open pit mines. Nat Hazards (2010) 55:501–512. DOI 10.1007/s11069-010-9542-5
12. Paolo Mazzanti (2012). Remote monitoring of deformation. An overview of the seven methods described in previous GINs. 24 Geotechnical instrumentation news. December 2012. Available from: www.geotechnicalnews.com [Accessed 25 April, 2019]

Received 11 June 2019

• Dmitrii S. Aleshin
• Boris D. Khalezov
• Aleksei G. Krasheninin

Aleshin D. S., Khalezov B. D., Krasheninin A. G. Molybdenum mineral base. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2019; 7: 113–121 (In Russ.). DOI: 10.21440/0536-1028-2019-7-113-121

Introduction. Molybdenum production is important for Russia’s economic development. About 80% of the produced metal is used in special steel manufacture.
Research aim. Based on the data about reserves, extraction and production of molybdenum, the researches aim is to identify world leaders in the market, show and describe basic molybdenum deposits at the territory and the Russian Federation, analyse production dynamics of molybdenum concentrates and ferromolybdenum within recent years, specifying main manufacturing enterprises in Russia.
Methodology basically included theoretical research methods, particularly review and analysis of various sources of information.
Results. The present article displays brief analytical review of molybdenum world market and indicates main manufacturers of consumers of the concentrate. World leaders in molybdenum reserves are determined. The dynamics of molybdenum concentrates global production is presented for the period from 2012 to 2018. Mineral raw material base is described and main deposits of molybdenum at the territory of Russia are shown. The dynamics of molybdenum concentrate production in 2012–2017 is reflected with the list of manufacturing enterprises. Ferromolybdenum production dynamics is given. Change in molybdenum concentrates and ferromolybdenum import-export is shown.

Key words: molybdenum; molybdenum ores; production; export-import.

REFERENCES

1. USGS. Molybdenum Statistics and Information. Available from: https://minerals.usgs.gov/minerals /pubs/commodity/molybdenum [Accessed 10th January 2019]. 2. UN. UN database. Available from: http://www.un.org/ru [Accessed 10th January 2019]. (In Russ.)
2. Tigunov L. P., Pikalov V. S., Bykhovskii L. Z. The alloying metals in Russia. The mineral and raw materials base in Russia: the status, utilization, prospects for the development. Chernaya metallurgiya = Ferrous Metallurgy. 2017; 12: 3–10. (In Russ.)
3. State report of the state and use of mineral resources in the Russian Federation in 2016 and 2017. Moscow: Ministry of Natural Resources and Environment of the Russian Federation Publishing; 2018. (In Russ.)
4. Kozlovskii E. A. Mineral and raw complex and the national security of Russia. Prostranstvo i vremia = Space and Time. 2011; 7: 115–119. (In Russ.)
5. Nevolko A. I., Ernst V. A. Status and employment mineral-raw base of Siberian Federal District. Razvedka i okhrana nedr = Prospect and Protection of Mineral Resources. 2012; 9: 33–39. (In Russ.)
6. Sporykhina L. V., Akimova A. V., Danilin M. V. Current state of the mineral resource base of nonferrous metals (tin, tungsten, molybdenum, antimony and aluminum raw materials). Mineralnye resursy Rossii = Mineral Resources of Russia. 2017; 4: 19–24. (In Russ.)
7. Avdeev P. B., Oveshnikov Iu. M. Transbaikal region mineral resources base and its development in modern conditions. Izvestiia Sibirskogo otdeleniia Sektsii nauk o Zemle RAEN = Bulletin of the Siberian Branch of the Section on the Earth’s Sciences RANS. 2014; 5: 50–57. (In Russ.)
8. Lapteva A. M. Mineral raw material from subsoil to the market: ferrous alloying metals and some nonmetals. Moscow: Nauchnyi mir Publishing; 2011. (In Russ.)
9. Elsukova M. A. Molybdenum markets in the world and Russia. Mineralnye resursy Rossii. Ekonomika i upravlenie = Mineral Resources of Russia. Economics and Management. 2014; 4: 78–81. (In Russ.)
10. Bobrakova A. A. Rationale reagent equipment regime of sulfide flotation of molybdenum ores alumosilicate composition. Gornyi informatsionno-analiticheskii biulleten (nauchno-tekhnicheskii zhurnal) = Mining Informational and Analytical Bulletin (scientific and technical journal). 2013; 12: 298–301. (In Russ.)
11. Kostromina I. V., Khramov A. N. Mathematical modeling as a method of justifying the use of modified collector for oxygenated molybdenum flotation. Vestnik Zabaikalskogo gosudarstvennogo universiteta = Bulletin of Transbaikal State University. 2017; 8: 41–53. (In Russ.)
12. Lapteva A. M., Mitrofanov N. P., Tigunov L. P. Mineral base of alloying metals: state, problems and prospects of exploitation. Gornyi zhurnal = Mining Journal. 2017; 7: 10–16. (In Russ.)
13. Zelikman A. N. Molybdenum. Moscow: Metallurgiia Publishing; 1970. (In Russ.)
14. Kamyshy ferroalloy plant and foundry ZAO. Available from: https://www.zaoklfz.ru/docs/index.html [Accessed 27th February 2019].

Received 6 June 2019

• Andrei A. Panzhin
• Timur F. Kharisov
• Olga D. Kharisova

Kharisov T. F., Panzhin A. A., Kharisova O. D. Some problems of the express method of rock strength determination. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2019; 7: 86–91 (In Russ.). DOI: 10.21440/0536-1028-2019-7-86-91

Introduction. Within the course of mining, rock massif heterogeneity calls for constant operational control of its changing state and characteristics. One key parameter of the massif under investigation is the compressive strength. Main way of rock strength properties determination currently is laboratory testing of the prepared samples by means of presses. One alternative way of geomaterials’ compressive strength on-line measurement is the method of elastic rebound with a sclerometer (Schmidt’s hammer).
Research methodology. Research object are rocks of Dzhetygarinsky pit surface massif where hand specimen were selected for testing. Compressive strength was determined by the main method and the alternative method.
Research results. Laboratory research results at presses have shown some discrepancy between the obtained values and Schmidt’s hammer readout. However, it should be noted that the results obtained in the laboratory conditions are the most exact and reliable. Data discrepancy is caused by the presence of structural and textural inhomogeneity of the hard rock under investigation. Comparative analysis and statistical data processing for various types of rock at Dzhetygarinsky massif determined calibration curves and distinguished the transition coefficients of compressive strength from sclerometer readout to laboratory values.

Key words: compressive strength; Schmidt’s hammer; sclerometer; massif; samples; hand specimen; laboratory research.

REFERENCES

1. 1. Zhabko A. V. Stability analysis for inhomogeneous and nonisotropic slopes. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2014; 3: 22–29. (In Russ.)
2. Efremov E. Iu., Panzhin A. A., Kharisov T. F., Kharisova O. D. Study of geomechanical conditions at Kiembaevsky open pit and potentially hazardous areas detection. Vestnik Natsionalnoi akademii gornykh nauk = Bulletin of the National Academy of Mining. 2018; 2(3): 42–53. (In Russ.)
3. Kharisov T. F., Kharisova O. D., Efremov E. Iu., Konovalova Iu. P. Research of stability of edges and benches of the Kiyembayevsky field open-pit. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2018; 5: 30–39. (In Russ.)
4. Sashurin A. D. Geomechanical processes and phenomena determining the safety and efficacy of subsoil use, regularities of their development. Problemy nedropolzovaniia = The Problems of Subsoil Use. 2018; 3(18): 21–31. (In Russ.)
5. Kharisov T. F., Kharisova O. D. Numerical modelling of the rock mass stability in the course of mining in difficult mining-and-geological conditions. In: Design, construction and maintenanceof underground facilities complexes: proceedings of the 6th International conference. Ekaterinburg, 2019. p. 135–143. (In Russ.)
6. Bieniawski Z. T. Engineering Rock Mass Classifications. John Wiley & Sons, New York, 1989. P. 240–250.
7. Laubscher D. H. and Jakubec J. The MRMR rock mass classification for jointed rock masses. In: Underground Mining Methods: Engineering Fundamentals and International Case Studies (eds. W. A. Hustrulid & R. L. Bullok). Society of Mining Metallurgy and Exploration, SME. 2001. P. 475–481.
8. Hoek E., Kaiser P. K. and Bawden W. F. Support of Underground Excavations in Hard Rock. Balkema, Rotterdam, 1995. P. 91–105.
9. Prokopov A. Iu., Gergart Iu. A. Testing and accuracy evaluation of the nondestructive express method of rock mass strength properties determination in the conditions of Rokksky tunnel reconstruction. Izvestiya vysshikh uchebnykh zavedenii. Gornyi zhurnal = News of the Higher Institutions. Mining Journal. 2015; 4: 101–107. (In Russ.)
10. Kartashov S. A., Prokopov A. Iu. The use of the express method of hard rock strength control when driving tunnels. In: Innovation process monitoring mechanisms of: proceedings of the International research-to-practice conference. Ufa, 2017. P. 55–57. (In Russ.)
11. Wu B., Xia K. Dynamic brazilian test on laurentian granite under pre-stress conditions. Vestnik Inzhenernoi shkoly Dalnevostochnogo federalnogo universiteta = The FEFU: School of Engineering Bulletin. 2016; 2(27): 3–9.
12. Usoltseva O. M., Semenov V. N., Serdiukov S. V., Rybalkin L. A. Laboratory studies of coal samples. problems of core recovery. Gornyi informatsionno-analiticheskii biulleten (nauchno-tekhnicheskii zhurnal) = Mining Informational and Analytical Bulletin (scientific and technical journal). 2018; S48: 234–242. (In Russ.)
13. Kalachev V. A., Zaitsev D. V., Kochanov A. N., Kostandov Iu. A., Panfilov P. E. Effect of water on fracture of rocks under diametral compression. Fundamentalnye i prikladnye voprosy gornykh nauk = Journal of Fundamental and Applied Mining Sciences. 2017; 4 (2): 53–57. (In Russ.)

Received 27 May 2019