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"Those who continued to work hard - it fired"
About the ore and people argues Sergei Kashuba
The next industrial cycle in Russian gold mining is completed, following the results of 2015 the industry showed only 2% growth, with the final indicator of 294,2 tonnes. At the same time, right now there is structural reorganization, the fruits of which will be more used by the most technologically and corporatively developed companies. About what actually unites the BRICS countries, how much longer to wait for Chinese investments in Russian mineral resources, and what is the nature of this money, the chairman of the Union of Gold Miners of Russia Sergey Kashuba told EastRussia readers.
- Sergey Grigoryevich, last year the head of the Ministry of Natural Resources Sergey Donskoy predicted that Russia could mine more than 2015 tons of gold by the end of 300, and, according to him, the growth rate “hits records”. What can be said now that the reporting period is over?
- In fact, according to the results of the year, we "did not last a little" to the expectations of the Ministry of Natural Resources - 294,2 tons. However, the production situation developed in full accordance with the estimates of the Union of Gold Miners. Indeed, a significant increase in gold production in Russia persisted for the past five years. It has a fairly stable character - 6-8% per year, the industry has grown, which is very good against the backdrop of crisis phenomena in other sectors of the economy.
But gold mining has its own cycles. And in this case the cycle was exactly Russian. Because in previous years - from 2008 to 2010-th domestic companies made very large investments in the development of mining capacities and the construction of gold recovery factories. The growth of 2011-2015-ies is a return on previous investments.
By the way, China was growing at the same pace. But if there is this process going on for the last 15 years, then we have only got five. Why I say "only", and I say finally - because we completed 2015 year with only 2% growth. Both for extraction and for the total volume of gold production, which also includes the processing of secondary metal. Here in this highly specialized segment (in the so-called secondary) we have 5% growth, although we predicted a lower rate - about 1%, because we have already seen a slowdown. It should be noted that when these investments were made, the world price of gold was also comfortable. In September 2011, it reached its historic maximum - $ 1921 per ounce and remained high enough in 2012. But in 2013, it fell by 28% in dollar terms, and the next, 2014 year was the heaviest for the industry. And the dollar price is low ($ 1200 -1400 per ounce), and the exchange rate is 32 ruble per dollar. We survived 2014, and already 2015 year was quite good.
Why did mining grow? All the industry participants tried to optimize the costs, this mass campaign was launched in 2013, after the fall in the price of gold, and the Union of Gold Miners actively participated in it. We distributed among gold miners - and it does not matter whether they are members of the Union or not - best practices, which were familiarized, including in the West, at conferences, watching the activities of the industry's leading players and broadcasting their achievements for the Russian. That is, literally reported that this is the kind of company in North America did this and that, in this connection, achieved the result, but this Russian company has achieved its performance thanks to that ...
After all, it's impossible to fight against falling prices, it's a world trend, but you can cut costs. Well, and the second component of growth - the own funds of gold mining enterprises all the time went to development. Because if now you do not invest in development, then after a while you do not have a mineral resource base.
- But after all the most cautious players and experts already in prosperous years predicted a decline in prices for gold?
- Yes, on the eve of 2013, Goldman Sachs Bank predicted a fall, but it did so in previous years, and predicts in 2016. Well, in one case out of ten, the negative forecast came true ... I have been watching the price of gold for more than 25 years, probably since the Soviet era, when gold was one of the main export and receipt items for our country. After divination about the price of oil, divination about the price of gold - the second ungrateful occupation! However, our forecast for this year is also conservative - $ 1100 per ounce.
- By the way, how do Russian citizens perceive gold as a tool for saving savings, and how actively they use it in a crisis?
- When gold is saved? When there is money, when obese years. When do they spend it? When the crisis came. Have Russians saved gold in previous years? Of course, they saved. Why? Yes, because we are now fixing the take-off of the secondary. That is, people carried gold to pawnshops. Look at the statistics. In 2011, 8 tons were produced from secondary housing. Then 2012 year - 8,5 tons, 2013 year - 17,8 tons. And in 2014 there was a sharp rise - 35,8 tons, in 2015 year 37,7 tons. This is gold, which today is recycled through the pawnshop system.
Now is not the time for savings, now is the time for spending savings. Gold bought up once before. After all, the crisis has begun for everyone at different times. Maybe the one from whom gold in bank ingots was bought, then the crisis has just reached him, and it began with a ringlet grandmother earlier in the year 2013. Now analysts and the media have paid attention to this topic - the numbers speak for themselves.
- Is it profitable to invest in gold in terms of saving money?
- If you had a gram of gold in stock, bought at $ 1200 per troy ounce and at the exchange rate of 32 ruble per dollar, as in December 2014, now you would get a significant gain at the same price of $ 1200 per ounce, But already at the rate of 75 rubles. In a raw country that once devalues its national currency in 10 years, a gram of gold will repulse once in these 10 years everything that lies on deposits. How much more will we have of these cataclysms - with oil, raw materials, politics, sanctions ... In 1998, what was our problem with? With internal and external debt. They decided to devalue the ruble. Now the problem is what? Sanctions and the price of oil. The previous decision is the devaluation of the ruble. Then something else will happen. Therefore, I believe that part of the portfolio of savings should be in gold.
- Coming back to the industrial cycles, since we can not guess the prices without meaning, what else is happening in gold mining, what should be prepared for in the future?
- In fact, we are witnessing a deep restructuring of the Russian gold industry. Before the collapse of the Soviet Union, the gold mining structure was as follows: 70% of metal was mined from alluvial deposits, and only 30% - it was mining from ore, by open pit or underground mining. By 2004, the formula has become different - 50%: 50%, and now the exact opposite of the Soviet one. Today, at 70%, we have industrial, industrial gold mining from ore deposits using modern mining and enrichment technologies. And 30% gold is mined from placers.
All large modern enterprises were built in the post-Soviet years, despite the fact that during this period there was a great failure in terms of human potential. The branch left the most qualified link - geologists, mining engineers, technologists. And the people of these professions were very much in demand some time ago. Now we have stopped talking about the personnel gap, a new generation of specialists has come, they are not enough, but this is already a five percent, and not a fifty percent shortage of personnel.
- Companies still lead a stiff struggle for "brains", buy them from each other?
“This was typical of the 10 years ago, when, in addition to the staff gap, structural changes in the industry were especially obvious. That is, mining has become 50% of the ore deposits, and badly needed personnel for the ore industry.
Today, specialists in refractory ores remain in short supply, because, according to our estimates, 40-45% of gold ores in the country are refractory gold, and it is unprofitable to extract it by traditional methods. New technologies are required, and those enterprises which introduce them become objects of personnel hunting. For example, Polyus in the Krasnoyarsk Territory has so far built the only biooxidation plant in Russia, and it is clear that the next company in the country that will introduce biooxidation technology will pull the frames from the Pole. Similarly, Polymetal in the Khabarovsk Territory built the country's first autoclave oxidation unit, and therefore the builders of the second autoclave will look for specialists in Polymetal.
This technological development determines the nature of the personnel policy of companies. And the technology of extraction from the hardened ores will be increasingly in demand as the exhaustion of traditional assets.
Western colleagues have already understood this, and, for example, in Australia the last 10-15 years of group of technologists are united in small mobile teams in order to jointly develop more effective methods and then sell them. That is, people who probably work in different parts of the world, or on different employers, just share their ideas, developments, and then they have a copyright product and their companies that sell new technologies.
This is very profitable, for example, if, with the available methods, the metal recovery factor for some deposit of hardened ores is, for example, 65%, but some starters have found a way to raise it to 90% - this is a huge margin. You can sell the technology to a large player, and then still receive additional royalties - maybe it will be half a dollar, a dollar with each ounce mined, for world companies this amounts is insignificant. But this technology makes it possible to involve large deposits in development, which for years before had been dead cargo.
- By the way, about the "captains of the industry". Why does not one of the world's leading gold mining players work in Russia?
- They came to us at the beginning of 90. But, first, Western colleagues had high expectations regarding our raw materials base. And then they said that what they saw in Russia was not what they wanted from her. In 1997, Rio Tinto Zinc even released a report on the topic "there is nothing to do in Russia, we are leaving." This document was widely discussed then in the press and in the professional environment.
Several years ago, the Union of Gold Producers made a presentation in which the main Russian ore deposits were represented. It told about who they belonged to in 90-s, and what happened next. And it turned out! - that almost all of the largest assets, including Sukhoi Log (Irkutsk Region) and Vorontsovskoe (Sverdlovsk Region), belonged to foreigners who could not develop them. What happened then - Russian companies came, and success, in 80-90% of cases.
- Wasn’t there any political connotation in this, perhaps the government intentionally created barriers for foreigners?
- No, well, you, it's 90-s years! Yes, this junior, Star Technology, who owned the license for Sukhoi Log, did not know anything in his native Australia, and they gave away the largest Eurasia deposit ... I think - and this is the second reason why we do not have large foreign Players - not enough for foreigners patience and understanding of Russia. And then the default came very quickly, and after it the fall in world prices for raw materials, it was 1999 year. In these conditions, foreign companies preferred to optimize costs, and work in those countries that they were clear and understandable.
But those who stayed - for example, Kinross Gold - they received very good assets, like the same Dome or Double in Chukotka. By the way, they are both strategic in terms of reserves. Or the English company Peter Hambro (today it is the company "Petropavlovsk") with assets in the Amur region. It's just that in Russia we have to be very stubborn, in a good sense of the word, to wait for our time, and he will come. Those who continued to work hard - it fired.
- Now the government is again thinking about the development of the Dry Log, will this time allow foreigners to come to it?
- Any deposit of ore gold with reserves above 50 tons is classified as strategic. Under the law, which was adopted in March 2008, "On Foreign Investments", in such a deposit a foreigner has the right to buy 25% of shares without the permission of the government commission. Over this - you must go for permission to the government commission. The state wants to know where this strategic asset is going. By the way, for all this time there has not been a single case that the gold commission has been refused to someone.
A low threshold for the size of deposits, you say? Certainly low. We are the day after the publication of this law, they wrote a paper to the government: "Make a threshold of 250 tons." But, the state so decided. Therefore, in the Dry Log, by definition, a foreigner can participate, but in case of winning an auction will only have 25%. And so that there were no ambiguities, the project of auction conditions excludes the participation of foreigners. But at the same time they explained: as soon as the winner is determined, even tomorrow you can apply to him with a proposal to redeem from him 25% stake.
- And when is the auction planned?
- The conditions were worked out and went to the Government last fall, and there they slowed down until recently. After the meeting, the President of Russia on the privatization plan was instructed to prepare a list of applicants. I do not think that this object will be in a hurry. The deposit is very difficult, for Natalka (Magadan region), for example, only the first stage - 10 mln. Tons of ore, and here the first stage - 17 mln. In the Union of Gold Producers, the Sukhoi Log was discussed more than once, and I even wrote its development strategy with scenario options - what is better, what combinations, what mix of private, state, and foreign participation can be. Therefore, when last summer it was announced that auction conditions were being developed and state corporations and large private companies became more active, we then decided, given the complexity of this field and the lack of similar experience in Russia, to contribute to the discussion of this topic.
Because somewhere in the autumn of last year, just because of the slowdown in the pace of development of the industry, we came to the conclusion that new growth points are needed. And we referred to these growth points the launch of mega-projects, such as Natalka, Sukhoi Log, Kyuchus, Nezhdaninskoye and other large gold deposits.
In October of the year 2015 at the international conference "Minex" we made a special plenary session devoted to megaprojects on gold. A representative of the company Kinross, co-director of the Russian-Chinese investment fund, general director of the company Rostech-Global Resources and representatives of international consulting companies, whom I specifically invited, spoke with the report.
- And what could be the growth point in the industry?
“Since industry problems are already beginning to become structural, another hub for growth should be, as in China, hubs - large factories for processing refractory ores. That is, the field has finished its work, has worked on its reserves, and there are others around it that can load this gold recovery plant. The Chinese have gone to this topic years ago 15. The same "Polymetal" idea of hubs for conventional ores was proposed on Minex 2014 of the year.
We propose to build the same hubs for Russia for stubborn ores, the costs are enormous, hundreds of millions of dollars just to get started. Therefore, hubs for stubborn ores should also be developed. Polymetal was the first to launch Amursky MMC to process hard ore, but would it pull into the role of a hub, or did it do it only for itself? Therefore, you need to look - who is ready to make a project conditionally for everyone? It is clear that this is a very global player that must venture to invest without owning deposits, in the very same Sukhoi Log - with costly technologies and great prospects.
And the next point of growth - we understand that we have very little underground mining. In China, for example, most of the gold is mined by a subway. The development of the subway is, among other things, the adoption of Chinese experience and the attraction of Chinese investments.
Therefore, our growth points are large, uneasy, but there are no others. Because the simplest "point of growth" is "let's wait, when the price of gold will rise" - it is passive, it does not work.
- Who from Russian companies today can be called the largest player, who is in the top?
- At us 30 leading companies extract 80% of gold in the country, their top is known - Polyus Gold, Polymetal, Petropavlovsk, Nord Gold. Moreover, Nord Gold is a successful experience of the Russian company entering the world market and turning it into a transnational corporation. Polyus in 2008 year wanted to go to Kazakhstan, but it was unsuccessful. Polymetal could, but he went out for a long time, and now it is not clear to all his latest acquisition in Kazakhstan - the "Kyzyl project" with a stubborn ore. Everyone is still wondering whether they will transport this ore to the Khabarovsk Territory, to the Amursky MMC? Unlikely - such a shoulder! But, with investments of hundreds of millions of dollars, we understand that some idea and technology already exists, it must shoot. We wait. But Nord Gold somehow immediately, successfully "jumped" abroad, and increasingly increases foreign extraction, today African assets bring companies already more than 60% of revenue.
- And how does the listing on the foreign exchange affect the activity of the gold mining company? What bonuses are there, and why are our players refusing publicity lately - after all, is the "reverse" process already going on?
- Listing is necessary for an international company. It is profitable to be on the stock exchange and the local player during the growth period. These considerable expenses, which are borne by the company in connection with the listing - both double and sometimes triple jurisdiction, double - in a good sense - bookkeeping and audit, maintenance of the staff of lawyers and financiers in expensive foreign offices. All this is compensated by the growth of capitalization in the period of the growth of the price of gold. This rule is true for any company. But as soon as the price of gold falls and the stock market as a whole, it becomes expensive to be public. Delisting at this point is a profitable decision, if shareholders do not resist, and if this is in their interest. I think this movement will continue, as will the continuation of the campaign to optimize operating costs. The world price for gold is still low, and the devaluation of the ruble still has a limited effect.
- That is, soon the benefits of a weak ruble will be exhausted for you?
- Obviously, the Russian market of gold is braking, both financial and structural. The richest deposits have already been exhausted, a new structure of reserves is needed, new geological prospecting is needed. Simple to work off, non-refractory ore - in many respects eaten, and here it is necessary to change technologies of enrichment, extraction, new technologies are needed.
Well, the financial component, it is obvious - you need long and cheap money! We have been talking about this for many, many years. And now this mantra, this mantra still does not work today, because it faces Western sanctions and lack of access to capital markets, as a consequence - with the lack of long money from state-owned banks, not to mention commercial, high-stakes ... State banks under sanctions, a commercial bank can be given, but who will give it to him when every day on 1-2 bank license is withdrawn? Risks are high!
With regard to money - cheap and long - we are of course all in the same situation that Russian banks are Russian industrialists. But here is an interesting fact - last year FC Otkrytie, the only Russian credit institution, attracted a syndicated loan for $ 180 mln.
- What attracted?
- It does not matter what, it's important - under what. Under the gold. FC Otkrytie is known for having made 2000 syndications for gold since 20. Then it was also called NOMOS-Bank. And the western banks themselves did not manage to work with our gold. When, at 1999, the EBRD came to us with such an offer, I asked them: "And how will you credit the artel workers?". They honestly studied them for two years, then they said: "We do not understand anything, and, most importantly, they do not want our loans."
Because personal relationships in our industry play a big role. Yes, they did not understand in the EBRD the very system of crediting Russian artels. The important point is that with all this misunderstanding in 2000, NOMOS-Bank attracted the first gold syndicate, and it bought gold from the same artelschikov. You do syndication, collect money, show how much metal will come to you. Technology worked. Well, now the situation is repeated. Under gold loans give. That is, sanctions, sanctions, risks, risks, and the bank "Opening" gave $ 180 million for gold and for gold miners. I believe that the activity of banks in the part of syndications should be more pronounced. We are now discussing how industries live under sanctions - and so it is a solution!
Two years ago, great financial hopes were laid on China, until they were justified. But I think that Chinese money will come anyway.
"Well, they will probably come under the gold."
- I am now often in China. China lives five years. In 2016, the 13-I Chinese Five-Year Plan will begin. And I, too, are starting to live in Chinese five-year periods, so it is easier to understand a Chinese interlocutor. As a former banker, I always try to understand the nature of money, to whom it belongs and what is the mentality of the owner. This is where the Chinese mentality is important. They all plan ahead. That is, it was useless a year ago to discuss their investments with the Chinese, and two years ago it was useless, because to discuss these investments, it was necessary to roll back to the beginning of the previous five-year period. A simple fact to understand.
Therefore, today they are interested in gold mining and mining companies in Russia. Since the autumn of last year, more and more questions from the Chinese about the tax regime in our country, that is, they are trying to understand - it's worth it, it's not worth it, it's winning, not winning. They are interested in legal issues, are interested in the devaluation of the ruble. Two years ago they were as scalded by this devaluation, they have a yuan to the dollar fixed. And I told them last year: "Colleagues, we are all fine, the same gram remained in the dollar, it just multiplied by the ruble-dollar rate." It took them a while to become more aware of our realities.
Now the Chinese are closely studying the Russian gold mining industry, I think that eventually they will come here. The foreign tools for the expansion of China have always been state-owned companies, they trust them. And in the resource industry, it was the same - in Africa and in Latin America. But by the present moment this toolkit is gradually shifting towards large private Chinese companies, which also have the appropriate competence, knowledge, people and positive experience. This does not happen quickly, the state players do not want to leave the arena either.
But, by the way, and seemingly closer to us in mentality, it would seem, Western companies - they, too, have been watching us for a long time. Peter Hambro met Pavel Maslovsky at the beginning of 90, and the first public money was attracted only in April 2002, when the IPO of the English company Peter Hambro Mining on the London Stock Exchange took place. When they say that the Chinese are slowly deciding, I answer: "Do you remember how much time the Anglo-Saxons went to us?"
- Were there no new attempts to enter the market by Western companies on the eve of the sanctions? Attempts, and the remaining unfulfilled for reasons already understood?
“No, and by and large, when they say from abroad how much potential money we lost because of the sanctions, I answer:“ Look, when were the last placements of Russian gold mining companies on your exchanges ”. Somewhere in 2008. Without sanctions, all investments have already ended a long time ago!
It is rather a question to the western partners - is it really that bad? If we grow on 6-8% per year, if we have average taxes with global ones, and if we drop this whole rhetoric: “Ah, here you have everything is difficult ...”. Complicated legislation - take a Russian lawyer, complex tax reporting - take our accountant.
- And our mountain legislation is really one of the most difficult in the world?
"It is archaic in our country, yes ... What came from the USSR and, unfortunately, is not the best legacy, is the classification of reserves." At us it all becomes in the old manner, in the State commission on stocks, under the old technique, the manual account. The whole world has long gone into computer technology, to digital modeling of deposits.
There is such a conflict of interest, really dualism. Inventories by law belong to the state, and are given to all subsoil users for temporary use, for the period of the license. And the state, accordingly, wants this balance of reserves for itself to be understood and taken into account. Because, on the basis of this are considered taxes. There is an understanding of resource security. The directions of promising state exploration are being compiled. And much more. But not always this old classification and the economic parameters for which they were considered correspond to today's realities. More precisely, they almost never correspond to them. Because yesterday we counted stocks, and today a new price for your commodity, a new stripping factor, a different extraction percentage - and everything is different.
Since January this year, we have introduced a new classification of hydrocarbon reserves in our country, which, they say, takes into account the interests of the state, and, like, the interests of subsoil users. Minister of Natural Resources Sergei Donskoy said that the same innovation will be valid from 1 January 2018 and for solid minerals.
We believe that the conditions that apply to the calculation of reserves should be dynamic. The field a year and a half ago, with the exchange rate of 32 rubles per dollar, and now, with 75 rubles per dollar, it has completely different indicators. Yesterday it was unprofitable reserves, today, the situation as a whole has become worse, there is a crisis all around, but the ruble revenue has increased. Accordingly, some stocks may have become more profitable. But if the dollar falls again to 23 rubles, or the world price of gold falls, as prices have now dropped among metallurgists or oil companies, some of what is considered profitable will again become unprofitable. But, the subsoil user is forced to produce, to pay taxes from those reserves that are unprofitable! This is the biggest problem, how to harmonize the interests of the state and the Russian farmer !?
In the world, her decision was found. There, all companies make revaluation of reserves every year. This is done by external auditors, that is, internationally recognized companies. Yes, this is additional costs for the subsoil user, but when you approved your stocks in Russia in 2000, or in 2010, and now in the yard is a completely different economic situation, it is better to do such reassessment of stocks every year than once in 5-10 years to fly on a major problem.
Therefore, we are now looking at what has turned out from this harmonization and a new classification for hydrocarbon producers, and we will look at what they will offer us. Because for solid minerals everything is much more complicated - we have a whole line of these minerals.
At the same time I want to note that today, with a number of parameters, our legislation is approaching the level of developed mountain jurisdictions. Well, for example, until recently, for example, there was a vestige in geological prospecting - they gave you a license and said: "As long as the whole area can not be reconnoitered, you can not mine." They wanted through this, in fact, the mechanism of coercion, oblige the entrepreneur to explore the license area to the maximum. Now this requirement was removed. You can take the most "interesting" part of the object, it was explored, you begin to mine, in parallel, you are exploring the rest. World experience? World. Yes, but for a long time this has been going on.
The ownership of the gold you extracted is also recorded in the Law on precious metals, adopted in 1998. The right to sell gold is also fixed. Gold export abroad was allowed to banks back in 1998 year, and in 2001 year it was allowed to gold mining companies. In contrast, by the way from China, which is the world's first in extraction and the first by the consumption of gold - but at the same time it is impossible to take out a gram of gold from China.
- You often talk about China. And that the rest of the country is BRICS. What is their potential?
- In general, I am in favor of the idea that the BRICS countries, apart from the abbreviation, are only connected by gold. China is the world's number one country for gold mining, Russia is number three, South Africa is number six, Brazil is also mining gold. And in terms of consumption, China is number one in the world, India is number two ... Chinese and Russian central banks are number one and number two for buying gold. Moreover, the consumption of gold in all BRICS countries, it is somewhere almost 40-45% of the world, and production - about 25%. That is, the BRICS countries, as we say, are the ultimate consumers of gold. And very solvent!
We here simply do not see our potential. What a tremendous opportunity would create a joint stock exchange - based on the Bombay, Shanghai, Moscow! Here, what investments would go, here what capital flow could be organized! But, unfortunately, either the time has not come yet or the brains are not yet the same. Therefore, there are few market ideas, but there are no such global ideas that would unite the markets of entire countries.
It is absolutely clear that if we make mutual investments in the BRICS countries, we will protect each other more. But, where are the Brazilian investments in Russian gold or where are Russian gold mining in South Africa? The abbreviation was invented, but it is necessary to take real things, where the real contact of interests, and where it is clear from the point of view of business. We sometimes have the opposite - declarations, slogans, speeches ...
- In general, do you often see companies as leaders of the Union turning with proposals to lobby legislative changes, or projects at the level of ministries, government or parliament?
- Constantly come with different ideas and suggestions. We immediately try to understand: maybe this is a private idea that relates specifically to this company, and eventually it turns out that people are simply trying to multiply their problem into "meaningful" for the entire industry. They do not go to me like that, because everyone understands that I will answer: "You have a private problem of your company, well, go and solve it. You have specialists for this. "
However, there are global problems that can affect all market participants. For example, a private company came and said: "We need to calculate the tax on the extraction of minerals (MET), the Ministry of Finance wants to change the tax base, from the point of view of the ore processing stage and the receipt of marketable products." We say: "How? There is also the Tax Code, everything is defined there, it is registered. " In response: "No, now the Ministry of Finance has a new concept."
I immediately understand where the problem of the legs grow from. After the crisis began, all ministries were given the command to seek additional sources of income for the budget. And since last summer we began to fix this trend in our industry. A zealous official in search of an additional ruble may lead to the fact that the entire industry will become ill. One company came up with such a problem, but we see that the problem is common. Then we write a letter to the initiators: “We know that you started something. Let's meet and discuss the problem. You can crush the industry, but then nobody will collect taxes either. ”
Now, the Union of Gold Miners together with the international audit company EY is working on the topic "Investigation of the gold mining industry in Russia in 2015-2016 years". Last year, we also did such a survey and prepared a questionnaire for Russian companies, among which is the following: "What are the three most acute problems of Russian mining legislation?" Because, when the legislation has already been formed, we understand that the remaining 10-20% of defects can be changed in the working order by our amendments, amendments and additions. And now the crisis. The officials were given a command from above to listen to business. Therefore, now all our proposals, though new, or made earlier, have been claimed.
Reference on the materials of the Union of Gold Miners:
The top most gold mining regions in Russia.
In the first place is traditionally Krasnoyarsk Territory, which extracted 2015 49,3 tons of gold in the year, with 4% growth to the level of 2014.
The second line of the rating is occupied by the Chukotka Autonomous Okrug, its total is 30,55 tons, growth is within 1%.
In the third place, which reduced the indicators by 3%, but retained high volumes, the Amur region is 28,48 tonnes.
Good performance in the Republic (Sakha) Yakutia, which in the ranking is the fourth position with 25 tons, but at the same time increased production by 8%.
Finally, the fifth place in the Magadan region, the total 23 tons and 3% decline in production.
In the Irkutsk region, 22,1 tons were produced, this indicator has changed little since last year.
In the Khabarovsk Territory 18,2 tons were produced, and a significant fall is within 11%.
Trans-Baikal Territory - 10,6 tons, 8% increase.
Chelyabinsk region - 6,74 tons, the level of last year's production was exceeded by 21%.
In the Sverdlovsk region, the close volume is 6,73 tonnes, but 14% decline compared to last year's volumes.
The Republic of Buryatia produced 6,5 tons, reducing this figure by 5%.
Kamchatka Territory - 3,6 tons, an increase of 21%.
The result of the Republic of Tyva is 2,3 tonnes, exceeding the previous volumes by 19%.
The Republic of Khakassia - 1,79 tons, and 12% decline.
Almost at 19, gold mining in the Sakhalin Region jumped up to 1,76 once a year.
Finally, the Kemerovo Region completed the year with 32% growth and 1,33 tons of gold.