Banks are the main gold byuers in Russia

MINEX FORUM | September 6, 2017
img0 Russia’s top goldproducer Polyus expects its capital expenditure (capex) to decline over the next two years from around $800 million in 2017 as ramp up costs for a new gold mine fall away, CEO Pavel Grachev said. Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, started commissioning its Natalka mine in the country’s Far East, a project expected to help the firm increase its gold output by a ...

World Cold Council issues gold back ETF analysis

MINEX FORUM | September 6, 2017
img0 World Gold Council issued monthly analysis of gold-backed ETFs and similar products with detailed information and insight on global trends of gold investment demand through ETFs. Regional fund flows North American ETFs drove global inflows in August as investors added 27.8 tonnes ($1.3bn, 2.6% AUM) Flows in Europe were mixed with a net increase of 6.4t ...

BlackRockhas increased its ownership in Dalradian Resources to 11.3%

MINEX FORUM | August 31, 2017
img0 The world’s largest asset manager BlackRockhas increased its ownership in TSX- and Aim-listed Dalradian Resources to 11.3%, reflecting the firm’s strong conviction that Dalradian’s high-grade Curraghinalt gold project, located in Northern Ireland, will be a financial success, said miningweekly.com. In a regulatory filing on Friday, BlackRock revealed that its holdings had increased to 29.97-million common shares. A December feasibility study has calculated an after-tax ...

Lukoil increased net profit to 138.7 billion roubles by selling diamond assets

MINEX FORUM | August 29, 2017
img0 Russia’s No.2 oil producer Lukoil reported on Tuesday a forecast-beating second-quarter net income of 138.7 billion roubles ($2.4 billion), thanks to a sale of its diamond mining business and a rise in rouble rates, said nasdaq.com. Analysts, polled by Reuters, had expected April-June earnings at 121.5 billion roubles after the company reported its second-quarter 2016 ...

Russian VTB: gold demand might make a recovery

MINEX FORUM | August 14, 2017
img0 Bullion could rise to $1 360/oz within three months before climbing higher, fuelled by global political risks and buying from China and India, said Evgeny Ananiev at VTB Capital JSC, the investment-banking unit of Russia’s second-largest lender VTB Group. “We may see some correction, but I don’t think gold will drop below $1 200 as it’s well supported,” he said in a weekend interview in Goa. ...

Polyus had pledged its controlling stake

MINEX FORUM | July 31, 2017
img0 PJSC Polyus (LSE, MOEX – PLZL), the largest gold producer in Russia, announced that on 28 July 2017 Polyus Gold International Limited (“PGIL”) had pledged 66,780,561 ordinary shares of 1 Russian ruble each in the capital of the Company (the “Pledged Shares”) to secure certain obligations of PGIL. PGIL’s ownership in the Company remains unchanged.  The ...