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*
* 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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KPMG. (April 27, 2020). Planned measures to reduce operational costs due to the coronavirus (COVID-19) in mining companies in Russia in 2020 [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1117402/cost-reduction-in-mining-companies-russia/
KPMG. "Planned measures to reduce operational costs due to the coronavirus (COVID-19) in mining companies in Russia in 2020." Chart. April 27, 2020. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1117402/cost-reduction-in-mining-companies-russia/
KPMG. (2020). Planned measures to reduce operational costs due to the coronavirus (COVID-19) in mining companies in Russia in 2020. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1117402/cost-reduction-in-mining-companies-russia/
KPMG. "Planned Measures to Reduce Operational Costs Due to The Coronavirus (Covid-19) in Mining Companies in Russia in 2020." Statista, Statista Inc., 27 Apr 2020, https://www.statista.com/statistics/1117402/cost-reduction-in-mining-companies-russia/
KPMG, Planned measures to reduce operational costs due to the coronavirus (COVID-19) in mining companies in Russia in 2020 Statista, https://www.statista.com/statistics/1117402/cost-reduction-in-mining-companies-russia/ (last visited November 22, 2024)
Planned measures to reduce operational costs due to the coronavirus (COVID-19) in mining companies in Russia in 2020 [Graph], KPMG, April 27, 2020. [Online]. Available: https://www.statista.com/statistics/1117402/cost-reduction-in-mining-companies-russia/
