SCO & BRICS latest news and insights
As of April 1, the National Welfare Fund's accounts contained 334.863 tons of gold in anonymized form. This is a decrease from the 358.015 tons of precious metal held as of March 1. The Ministry of Finance reported that 23.15 tons of gold were sold in March as part of liquidity management. The same...
By Rhod Mackenzie
According to a report by TASS, , Alexey Vostokov the head of Polyus expects to receive the initial batch of gold from the Sukhoi Log project in the Irkutsk region in 2024. The ore processing for the project will take place at the Verninskaya mill, also located in the Irkutsk reg...
By Rhod Mackenzie
The Russian gold mining industry, whose major players are all subject to US sanctions, is reorganising its exports by introducing intermediaries into the supply chain. According to a representative from Yuzhuralzoloto, the decrease in margins is insignificant. This is because, te...
By Rhod Mackenzie
Despite sanctions, Russia became the sixth largest source of gold for Switzerland for the second year in a row in 2023. Switzerland was the main supplier of this precious metal to the European Union last year. This information is based on an analysis of data from the UN Comtrade...
By Rhod Mackenzie and Bogdan Kolbasuk
Vladimir Putin has signed off on an order authorising the transactions of the shares of the Polymetal company, to which the Russian assets of Polymetal International were previously allocated, as well as the Taseevskoye gold deposit in Transbaikalia, previousl...
By Rhod Mackenzie
Through the acquisition of Polymetal's Russian assets, Mangazeya, owned by Sergei Yanchukov, has become one of the largest gold mining companies in the Russian Federation. The transaction is valued at $3.7 billion,however, only $300 million is to be paid in cash. Polymetal will a...
