Assessment of Financial Opportunities for Implementation of Innovation Potential by Mining Enterprises of Non-Ferrous Metallurgy of the North and the Arctic 

. The analysis of methods for assessing the financial opportunities for increasing the economic efficiency of industrial enterprises using absolute and relative indicators and coefficients was carried out. A mechanism for determining financial possibilities for realizing innovative potential of northern mining enterprises of non-ferrous metallurgy, based on the method of assessing the three-component coefficient, which allows choosing the most rational strategy of scientific and technological development, taking into account financial resources and features of production functioning in the northern regions of the Russian Federation, was developed. It is shown that the proposed methodology can be used with limited information in the accounting statements provided in public access. On the basis of objective indicators, the research of innovation activity of twenty industrial enterprises of non-ferrous metallurgy directly operating in the North and the Arctic and included as subsidiaries and branches of seven largest corporations — PJSC MMC “Norilsk Nickel”, JSC “Mine Karalveem”, PJSC “Acron”, JSC “Mining company “Berelekh”, PJSC “Seligdar”, OJSC “Susumanzoloto”, JSC “Polymetal” for the period 2013–2019 was carried out. Studies showed the dependence of the innovation activity of northern enterprises of non-ferrous metallurgy on the level of financial security revealed by the method of assessing the three-component coefficient. Scientifically sub-stantiated possibility of developing and implementing a strategy of innovation development of enterprises for the medium and long term periods based on the level of financial security is shown. Enterprises with high financial security or in special cases (with additional investments with normal financial security) are able to generate innovation technologies. As the analysis has shown, the majority of northern enterprises have low financial security, which does not allow them to count on effective innovative development without attracting a significant amount of targeted investments.


Introduction
The mining industry, including nonferrous metallurgy enterprises, is a determining sector in the economies of the North and Arctic regions and the Russian Federation, which will retain a raw material orientation with a high share of exports and significant potential for innovative development of the mining industry, the greatest importance of which is characterized by copper-nickel, gold, apatite-nepheline and rare metals [1]. The gross value of industrial production of nonferrous metallurgy enterprises, which are essentially city-forming, is about 7% of Russia's GDP and 14% of the country's export potential [2]. The raw material base of nonferrous metallurgy in the North and the Arctic of Russia allows ensuring growth of nonferrous metals production for domestic consumption and export. In this regard, the "raw material" orientation of nonferrous metals production and, most importantly, the innovative technologies implementation, are fully correlated with the strategy of transition of the Russian economy to an innovative development path.
Among the key problems and risks that characterize the current state of nonferrous metallurgy is the low level of advancement and implementation of innovative projects for the development and processing in the conditions of the North and the Arctic, the specific features of which are, first of all, high costs. In this regard, it is necessary to develop a modern paradigm of a balanced mining mechanism 1 [3][4][5].
The aim of the work is to study the financial possibilities of realizing the innovative potential of nonferrous metal mining enterprises of the North and the Arctic to increase the economic development of the macroregion and the Russian Federation.

Materials and methods
A review was carried out showing the developed methods for assessing the financial capabilities of industrial enterprises for making managerial decisions to improve the modernization of economic efficiency using absolute and relative indicators and coefficients [6,7]. As a result of the analysis and taking into account the limited indicators of financial statements publicly available, a method for assessing the three-component coefficient was chosen. Its calculation methodology was proposed in the works of A.A. Trifilova [8], A.D. Sheremet [9], N.V. Sobchenko [10], Zh.A.
Sokolova [11], E.V. Shvarova, J.A. Tkach [12] and other authors. The use of a three-component coefficient allows the enterprise to choose the most rational strategy for the implementation of innovative development, taking into account financial resources and the peculiarities of functioning in the northern regions of the Russian Federation. To determine financial stability, the proposed methodology provides for the calculation of the following indicators: Lack (surplus) of own current assets С СОС : where СК -own assets (reserves and capital), ВА -non-current assets,
Lack (surplus) of the main sources of cost formation О: where С сд -lack (surplus) of own sources and long-term borrowed assets, КК -short-term loans and credits, З -inventories.
On the basis of the above indicators, a three-component coefficient of financial stability is determined. In the case of the coefficient size greater than 0, the situation is denoted by 1, in the case of the coefficient size less than 0 -0.
In accordance with the three-component coefficient of financial stability, enterprises are ranked into four groups: 1. High level of own financial resources is characterized by a three-component coefficient Enterprises of the second group require additional borrowing to develop and implement innovative technologies.
Industrial enterprises of the third and fourth groups lack the basis for developing an innovative development strategy without attracting a significant amount of external financial resources.

Research results of innovative activity of nonferrous metallurgy enterprises in the North and the Arctic of Russia
On the basis of publicly available official reports, analysis of scientific publications in the journals "Gornyi Zhurnal", "Tsvetnye Metally", "Obogashchenie Rud", "Mining Informational and Analytical Bulletin", "Izvestiya Vuzov. Tsvetnaya Metallurgiya", "Zoloto i Tekhnologii", "Zolotodobycha", as well as expert assessments, the level of innovative activity of 7 largest corporations of nonferrous metallurgy and 17 of their subsidiaries and branches operating directly in the northern territories was determined for the period 2013-2019: 3. JSC "Mine Karalveem" is located in the city of Bilibino, Chukotka Autonomous Okrug.
The company produces gold concentrate 4 .

JSC "North-Western Phosphorous
Company" is a subsidiary of PJSC "Acron". The company is located in the village of Koashva, Murmansk region. It produces apatite concentrate 5 .
5. JSC "Mining company "Berelekh" with subsidiaries 6 :  LLC "Udarnik-2000", located in the village of Udarnik, Magadan Region, produces gold concentrate;  LLC "Maldyak", located in the city of Susuman, Magadan region, produces gold concentrate;  LLC "Elita", located in the village of Maldyak, Magadan Region, produces gold concentrate;  LLC "Monolit", located in the village of Shirokoye, Magadan Region, produces gold concentrate;  LLC "Palladium", located in the city of Magadan, produces gold concentrate;  LLC "Iridium", located in the city of Magadan, produces gold concentrate.  It should be noted that, despite the direct connection of JSC "Kola MMC" with PJSC "MMC "Norilsk Nickel", the enterprise was studied separately, taking into account the scale and export significance of products not only for the Murmansk region, but for Russia as a whole. http://www.edisclosure.ru/portal/files.aspx?id=6323&type=2 (accessed 03 July 2020). 9 Annual Reports, 2019, p. 37. URL: https://www.polymetalinternational.com/ru/investors-and-media/disclosurecenter/annual-reports (accessed 02 July 2020). 10 Organizational Structure. URL: https://www.polymetalinternational.com/ru/about/at-a-glance/group-structure (accessed 01 July 2020). 11 Organizational Structure. URL: https://www.polymetalinternational.com/ru/assets/where-we-operate/dukat-hub (accessed 01 July 2020). 12   The analysis made it possible to determine that the financial possibilities for realizing the innovative potential of northern mining enterprises are not sustainable and, consequently, innovative activity is mainly associated with the availability of the necessary financial resources.
PJSC "MMC "Norilsk Nickel" is included in a group with normal financial solvency, which characterizes the possibility of implementing an innovative development strategy with the attraction of additional funds. Practice has shown that the company has implemented projects. So, in 2017, together with JSC "Mekhanobr Engineering" at the Talnakh Enriching Plant, a technology for charge enrichment of bucking and cuprous ores was introduced, which allows processing lownickel pyrrhotine [13].
JSC "Polymetal" is also included in the group with normal financial security, which characterizes the possibility of implementing an innovative development strategy with the attraction of 13      in 2018, a technology to control finished products in the briquetting area using artificial intelligence and machine vision was introduced, which makes it possible to improve product quality control 20 ;  in 2019, together with LLC "Gipronickel", a technology for electro-extraction of nickel from solutions of chlorine dissipation of nickel powder in tube furnaces was introduced, which makes it possible to increase the production capacity from 120 thousand to 145 thousand tons of electrolytic nickel per year and to increase the level of nickel extraction into concentrate by 1% 21 .
In 2019, JSC "Kola MMC" moved to a group with satisfactory financial security, which affected the decrease in innovative activity.
OJSC "Susumanzoloto" retained its positions in the rating and in the period under review belongs to the group with satisfactory financial security, which affected the low innovation activity (there are no implementations). Without attracting a significant amount of external financial resources, which is currently difficult, it is practically impossible to plan the implementation of the innovative development strategy for long-term and short-term periods.
Studies have shown mainly low innovative activity of nonferrous metallurgy enterprises in the North and the Arctic over the past 8 years.

Conclusion
An assessment of the financial possibilities for the implementation of innovative potential by mining enterprises of nonferrous metallurgy of the North and the Arctic has been carried out. As the analysis has shown, most enterprises in the North and the Arctic have low financial security, which does not allow them to have effective innovative development without attracting a significant amount of targeted investments.
The methodology used has shown the possibility of assessing the financial capabilities of enterprises to develop a strategy for innovative development with limited information in the accounting reports publicly available.
Further scientific research and ways to increase innovative activity are required in order to improve the main technological and economic indicators of mining enterprises of nonferrous metallurgy in the North and the Arctic.