Authors: K. Čulková, H. Pavolová, S. Khouri, L.G. Shut’ko

Title of the article: Development of the mineral sector economy: the example of the countries of the Eastern European Quartet

Year: 2020, Issue: 3, Pages: 77-87

Branch of knowledge: 08.00.05 Economics and Management of National Economy

Index UDK: 330.32

DOI: 10.26730/2587-5574-2020-3-77-87

Abstract: Due to the availability of mineral resources for modern means of their development, the extractive industries have become subjects of strong competition. In the context of unstable market prices for mineral raw materials, it is important to ensure the sustainability of the business of mining companies, which reflects the efforts of many entities in the raw materials market to reduce the negative impact on the social, environmental and economic spheres. For this, it is important to conduct a systemic study of a complex of factors that directly and indirectly affect the efficiency of the extraction of any minerals that form the mining industry – the basis of the economy of many industries in a number of countries. The purpose of this article is to assess and compare the mining business environment in four leading Eastern European countries according to the Global Competitiveness Index, the Doing Business Index and the Business Environment Index, in order to identify obstacles limiting business development. Based on the results of the analysis, it was concluded that the mining business has a number of obstacles in its development, which mining companies must overcome in order to increase the profitability of the development of deposits and the sale of minerals on the market. Business in the field of natural resource exploitation in the countries of Eastern Europe can develop through continuous innovation to improve the efficiency of mining and processing of minerals, as well as improve conditions for start-up entrepreneurs.

Key words: sustainable development mining industry economic strategy

Receiving date: 05.09.2020

Publication date: 15.10.2020

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