Russia allows private gold mining-create jobs ,replenish local budgets ! - 500 Beiträge pro Seite

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Russia allows private gold mining
Source: BBC Monitoring Former Soviet Union - Economic
Publication date: 2002-06-13


Text of report in English by Russian news agency ITAR-TASS
Moscow, 13 June: Russia may well develop "a gold fever", a lawmaker said on Thursday [13 June] after the State Duma, the lower house of parliament, approved the first reading of a bill allowing private individuals to mine gold and precious stones.

The bill is expected to boost production, create jobs, and replenish local budgets as well as reduce the illegal turnover of precious metals and stones, chairman of the committee on the use of natural resources Aleksandr Belyakov said.

Private gold prospecting was experimentally allowed in the Magadan Region in 1997. As a result, individuals sold 700 kilograms of gold to the state, according to Belyakov.

However, the bill introduces certain restrictions - private prospectors can only develop small fields or the deposits where commercial production has been stopped.

At present, only licensed legal entities have the right to mine gold. These include state-run and private companies, as well as cooperatives of prospectors.

Publication date: 2002-06-13
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