Spoluautoři JŰNGER Radan

Mining industry in the CIS countries is intensively developing and constantly exploring new fields of natural resources. The opening, exploring and developing of the new fields is highly capital intensive, and requires considerable capital investments in the early stage of development. While large projects are mostly financed from the internal sources of the investors, smaller projects frequently offering high rates of return and requiring substantially less investments can attract groups of smaller investors through the specific financing instruments. Assuming the relatively high risk level of the projects realized in the CIS countries, the choice of the financing options is being substantially narrowed down. Mezzanine financing can be an option for the financing of the professionally prepared smaller mining projects in the CIS countries. The aim of the paper is to identify the differences between mezzanine, debt and equity financing in mining industry taking into consideration the specific conditions of the CIS market.