N e w s

In 2002 Russian commercial banks are able to buy and export all 180 tons of gold expected to mine and produce in Russia this year. It was informed by the Head of the Committee on precious metals of Russian Banks Association Sergey Kashuba.

The Central Bank did not buy gold in 2001 and this year it does not seem to do it as well. "GOKHRAN of Russia cannot compete with commercial banks for two reasons. - Mr. Kashuba says, - First, it finished advancing mining sector long ago and thus it has lost the right of "first hand" in gold buying. Secondly, commercial banks diminished their mark after abolition of 5% export customs duty on gold and now they offer to miners the price of London fixing minus 0,8-0,6%. The document is being considered that if accepted would allow GOKHRAN to offer competitive price for gold to miners.

GOKHRAN has the information that in 2002 forty-eight Russian banks financing gold mining made contracts with gold mining enterprises 178 tons of gold. In 2001 fifty-six commercial banks bought and exported about 130 tons of gold, and GOKHRAN of Russia bought 26 tons in order to supplement the State Fund.

GOKHRAN predicts the increase in mining and processing of gold in Russia by 16,7% to 180 tons in 2002.