2012-08-11mineweb.com

Russia's ministry of natural resources has drafted a bill that will facilitate the access of companies with foreign capital to mine its gold, platinum group metals (PGM) and diamond reserves, according to documents published on a ministry website.

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Russia lags behind countries such as Canada, Australia and the United States in exploration and development of minerals, Sergei Donskoi, recently named minister of natural resources, has said.

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The draft bill would allow foreign-owned businesses to mine deposits of up to 250 tonnes (about 8 million troy ounces) of gold, five times the existing cap of 50 tonnes set in 2008, without facing additional regulation from the state, the documents showed.


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