Natural resource economics in the Arctic regions

Development of the Arctic zone regions is closely connected with the geopolitics of the state to provide the population living in the Arctic and in the Far East with the supply of companies operating there and extracting basic resources. The resources that are mined there are precious metals, such as gold, platinum, diamonds and nickel, as well as the major part of oil and gas. Creating a comfortable environment, ensuring good work and decent wages - these are the main criteria for successful development of business and territories with natural resources. First, it refers to the need to strengthen integration processes of territory development on the basis of partnership between business and regions, as the population living there feels discomfort from the impossibility to use modern transport services, telecommunication, information and recreation services. Also, it is necessary to develop educational and medical services, recreation and sports infrastructure. In this article the author analyzes and proposes the concept of development and use of natural resources for the development of the Arctic zone regions. The country's economic development depends on the possibility of expanding production, extraction of precious metals, their use and mineral exploration. It is necessary to organize new production facilities for development of already explored natural resources and carry out new exploration works. It is also important to create transport infrastructure so that people can go there to work, have decent health care and be provided with school and preschool facilities. It would be possible to attract young people to work in the northern territories, but they must be motivated. The Russian Arctic regions have different economic opportunities, so Khanty-Mansiysk and Yamalo-Nenets autonomous areas have huge oil and gas reserves. Yakutia, Magadan Region and Chukotka Autonomous District mine about 30% of gold. The Krasnoyarsk Region extracts over 60 tonnes of gold and has a famous Norilsk Mining and Processing Plant where palladium, nickel, copper and other associated precious metals are mined. Precious metals mining in the Arctic and Far East regions is one of the main priorities for the territory's development. Most precious metals, such as gold, platinum, palladium and silver are mined here. The main volume of mining of precious metals that replenish the Russia's gold reserve, which reached 2300 tons. This year Russia allowed gold mining companies to sell part of their gold abroad. The Russian gold reserve is aimed at implementing the financial policy of the state and meeting the country's urgent needs in case of emergency situations.