Introduction. Russian mining companies need to implement large-scale investment projects due to a variety of internal and external reasons. Projects are aimed at the development of new deposits, technical equipment and the modernization of existing ones. To make substantiated management decisions, a toolkit for analyzing the risks of investment projects is required. Theoretical analysis. The section contains the need to apply quantitative methods for assessing investment risks based on cash flow modeling. We have analyzed the possibility of the use of sensitivity analysis techniques, real options and Monte Carlo methods for the quantitative assessment of the mining industry investment projects risks. The result includes a justification of the feasibility of applying the sensitivity analysis method at the early stages of an investment project. Empirical analysis. The sensitivity analysis tested metrics such as production volumes, commodity prices, capital and operating costs on two mining projects. It was found out that the projects under consideration are the most sensitive to changes in the price of commercial products. Results. Sensitivity analysis is a useful tool for risk analysis of investment projects. The application of this method to an investment project in the mining industry should be carried out taking into account the industry specifics.

Subject. This article focuses on the consideration of the algorithm and methodological approaches to assessing the cost of capital. Objectives. The article aims to develop a practical algorithm for assessing the cost of capital and calculating the discount rate based on ruble risk-free assets and Russian financial statistics. Methods. For the study, we used the Weighted Average Capital Cost (WACC) and Capital Asset Pricing (CAPM) models. Results. The article offers a tested step-by-step algorithm for calculating the cost of capital and risk premium loading to it using domestic financial statistics. It also justifies the need to take non-systematic risks out and beyond the weighted average capital cost and offers a deterministic mechanism for their assessment. Conclusions and Relevance. The author-developed algorithm for estimating the cost of capital, as well as methodological recommendations for its use, can be used by domestic investors to make the necessary decisions, as well as by the financial services of Russian companies to build the economic policy of the company. Using the proposed approach may help obtain a more adequate assessment of the cost of capital of Russian companies for domestic investors, thereby improving their competitiveness.

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Introduction. For Russia, the development of an effective industrial policy is a response to the challenge of maintaining competitiveness and increasing the productivity of the country’s industrial complex. The study aims to identify and systematize the prerequisites and limitations of industrial development in the context of the institutional component of industrial policy. Theoretical analysis. We have considered the historical transformation of views on industrial policy, identified resource-industry and institutional approaches to industrial policy, and justified their differences. Based on the literature review the specific features of the institutional environment of Russia have been summarized: path dependence of previous development, weakness of institutions, institutional traps, distorting market signals. Empirical analysis. The analysis of statistical information made it possible to substantiate that over the past decades, Russia has deepened its raw material specialization, while there are some positive changes regarding the quality of the institutional environment. The analysis of the features of the institutional component of industrial policy made it possible to identify the following turning points: the creation of the Presidential Council on the modernization of the economy and innovative development of Russia; the adoption of a law on industrial policy; the modification of the system of central executive bodies and the improvement of their interaction; creation of infrastructure of the Industrial Development Funds. At the same time, a number of restrictions on the institutional environment have been identified. The most significant are: the formal and contradictory nature of the strategic planning of industrial development, duplication of powers and contradictions between formal institutions of state power, the creation of a system of “incomplete” regulation. Results. The analysis has revealed that effective institutes for the development of industrial policy have not yet been formed, despite the permanently changing institutional environment. The thesis on situational and institutional component of the fragmentation of the existing industrial policy has been confirmed.

Стариков Евгений Николаевич, кандидат экономических наук, доцент, доцент кафедры экономики и экономической безопасности, Уральский государственный лесотехнический университет, Екатеринбург; старший научный сотрудник отдела региональной промышленной политики и экономической безопасности, Институт экономики Уральского отделения РАН, Екатеринбург; доцент кафедры корпоративной экономики и управления бизнесом, Уральский государственный экономический университет, Екатеринбург,