Expert assessment of the investment attractiveness of decorative stone deposits (gabbro, labradorite, granite) of Ukraine

Abstract

Background. Ukraine hosts numerous deposits of gabbro, labradorites, and granites, mainly associated with the structures of the Ukrainian Shield. They are usually characterized by good decorative properties, which are not inferior to the best world examples. This ensures their significant investment attractiveness and competitiveness in the global market and necessitates an objective assessment of their investment attractiveness, which is the aim of this article.
Methods. The methodological basis of the study is a combination of empirical and theoretical approaches using expert evaluation. A system of criteria for assessing the investment attractiveness of decorative stone deposits has been developed, which includes decorative (artistic and aesthetic) properties of rocks; petrographic characteristics; blockiness (yield of commercial blocks); reserves and stability of massif quality; physical and mechanical indicators; demand on the world market; degree of geological study; market identification; mining and technical conditions of development; infrastructural and legal factors. The assessment was carried out using a unified scoring scale. The integral rating was determined as a weighted sum of partial indicators with subsequent ranking of deposits in three categories of investment attractiveness: high, medium and moderate.
Results. Deposits with a high level of investment attractiveness are characterized by distinct decorative properties (intense color, contrasting texture, presence of optical effects), high yield of block material, significant approved reserves, stability of physical and mechanical indicators, as well as an established market identification and export history. Deposits with a medium level have sufficient resource indicators, but are limited by reduced blockiness indicators or less favorable infrastructure conditions. Deposits with a moderate level of investment attractiveness, as a rule, are distinguished by local decorative advantages, but are characterized by more complex mining and geological conditions or an insufficient degree of geological study.
Conclusions. Methodological approaches have been substantiated and a comprehensive system of expert assessment of the investment attractiveness of deposits of decorative stones in Ukraine has been developed using gabbro, labradorites and granites of the Ukrainian Shield as examples. The key factors of investment attractiveness are identified as the decorative properties of rocks, blockiness of the massif, the volume of reserves and the stability of their quality, the degree of geological study and market recognition of the products. A rating model for quantitative ranking of deposits by the level of investment attractiveness (high, medium, moderate) has been proposed.