OJSC “Lenzoloto” plans to spend about 200 mln roubles for geological exploration works in 2003. According to Vladimir Kochetkov, the managing director of the company, the sum aimed for deposits exploration has been increased insignificantly. Now OJSC “Lenzoloto” has not got large projects requiring large-scale exploration works.

Mr Kochetkov expressed the opinion that this situation is connected with the fact that the Ministry of natural resources postpones the licences issue.