Based on the materials from Finansovye Izvestiya.

On Thursday the Minister of Antimonopoly policy Ilya Yuzhanov attracted public attention to the fact that there was a concentration process taking place in Russian gold market, and this process had been initiated by MMC Norilsk Nickel. According to Mr Yuzhanov, the company controls about 40% of Russia’s gold mining. However, the Ministry is not going to address any claims to the company as the information provided has not been proven correct.

The representatives of MMC Norilsk Nickel state that the company controls only 25% of the market. The company has indeed announced that it is going to mine 100 tons of gold annually in five years, but it doesn’t intend to monopolise Russian gold market. According to the chairman of Polus Company’s board Valeriy Rudakov (Polus is a subsidiary of MMC Norilsk Nickel), on the contrary, the company will assist in competition taking place in the market.

The turning point in the question is the auction for the Sukhoi Log sale, Eurasian largest gold deposit. The auction is planned to take place next year, however, neither its form nor conditions have been set yet.

Polus Company has approved its preliminary plan for 2004. It intends to produce 40 tons of gold (this year the result is expected to be 26 tons). Mr Rudakov predicts that Russian gold mining volume next year will be 190 tons.