PRESS: Russia opposes liberalization of big gold field investment

MOSCOW, Dec 18 (PRIME) -- The Russian government has not agreed with a bill liberalizing access of private investors to large gold fields, prepared by the Natural Resources and Environment Ministry, business daily Kommersant reported on Wednesday, citing a source close to the ministry.

The ministry suggested raising the threshold of reserves to qualify a field as strategic to 200 tonnes from 50 tonnes to draw private investment, because under the current law, the government can withdraw a license from a private owner of a strategic field, partially compensating earlier investment.

EY estimated a possible inflow of direct private investment in the industry in the unlikely case the bill becomes law at U.S. $400 million in 2018–2014 and contribution to the gross domestic product (GDP) at $17 billion.

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