N e w s

The European Bank for Reconstruction and Development and Standard Bank of London announced the beginning of the program on financing the export of Russian gold, as reported in the joint public statement of EBRD and SBL. Special funds have already been allocated to Russian gold miners through the Zenith bank, the first bank to join the program. Initially this is a three-year program. In the framework of the program gold-mining companies can acquire funds for purchase of necessary equipment and maintainance of the current assets for the period of one year, until the export contract is carried out. Financed at the first stage will be extracting of up to 12 tons of gold. The volume may be increased as more export transactions are operated. Before launching the project the EBRD carried out an independent examination of technical conditions at gold-mining enterprises of Russia. In 1999 Russia mined 100 tons of gold, most of which was extracted by gold-mining companies.

Source: RBC