PRESS: Russia may ban non-ferrous metals concentrates, scrap export

MOSCOW, Mar 11 (PRIME) -- The Russian Industry and Trade Ministry may ban exports of ores and concentrates of non-ferrous metals as well as scrap and waste of precious metals from May 1 through October 31, Kommersant business daily reported on Monday quoting a draft government ruling.

The draft ruling’s note says that the capacities Russian precious metals refineries were loaded by less than 30% in 2018, while revenue from exports of scrap and waste of precious metals soared to U.S. $347 million in 2017 from $168 million in 2015, and may have exceeded $400 million in 2018.

The ministry also listed Kazakhstan as an example, where the authorities approved a bill that grants national precious metals refineries a priority right for refining raw metals, the business daily reported.

Unofficially, representatives of precious metals producers said that they were skeptical about the idea. The draft ruling’s goal is non-transparent, and the economic impact of the measure was not calculated, a sources said, while another source said that this would not boost loading of capacities but will hurt gold producers.

According to Kommersant, the Union of Russian Gold Producers had already sent a letter to Industry and Trade Minister Denis Manturov asking for additional meetings to discuss the issue.

The union’s Chairman Sergei Kashuba told the business daily that the industry thinks that it had passed peak exports of concentrate of non-ferrous metals in 2018, and it will fall simultaneously with the launches of new refining capacities. At the same time, the union thinks that Russia should continue exports of gold-antimony concentrate to China, he said.

The Industry and Trade Ministry, the Eurasian Economic Commission, and the union of precious metals refineries of Russia did not provide a comment.

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