The Russian Federal Agency on Subsoil Usage (Rosnedra) has updated the list of federal subsoil sites of solid minerals, in connection with the entry into force of the Federal Law of July 3, 2016 N279-FZ, the list includes 372 sites.
The Federal Reserve has spooked investors out of gold. Prices last week posted their biggest weekly slump in three years as hawkish comments from multiple Fed officials ignited concern that the central bank will soon raise U.S. interest rates.
Over the past two months, investors have put up $2.174 billion in the Market Vectors Gold Miners ETF (GDX), the largest ETF of gold mining companies, despite the fact that its shares dropped during this period by nearly 30%.
GK Renova plans to invest about 15 billion rubles in the development of gold mining business in the north of Kamchatka in 2017-2020, while the investments in 2016 will amount 4 billion rubles, said Viktor Radko, General Director of AO Zoloto Kamchatki, at the MINEX-2016 forum.
OOO Priisk Tsipikansky won the auction on the site of placer gold in the basin of the Gulinga creek in the Bauntovsky Evenki District of Buryatia, offering 126.324 million rubles, 13 times more than the starting price, according to the auction information.
Vitaly Nesis, Polymetal’s Chief Executive, in an interview with economic observer Alexey Bobrovsky, declared return of interest to gold from both large investors and small speculators.
The gold prices showed the strongest drop in nearly three years on Tuesday, on a stronger US dollar and increased expectations of a Federal Reserve rate rise by year end, prompted investors to sell this precious metal. December gold futures at СОМЕХ closed down by 3.3% at 1,266.3 dollars per troy ounce.
Swedish Kopy Goldfields and OAO Vysochaishy (GV Gold) have agreed to invest USD 1,960,000 into the Krasny common project in the Irkutsk region, according to the statement of the Swedish company.