On September 17, 1998, Bridge News reported that " a senior Russian Finance Ministry official said the government cannot buy anymore gold this year due to the lack of funds. Head of the ministry’s
Toronto, Ontario
Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) On September 17, 1998, Bridge News reported that " a senior Russian Finance Ministry official said the government cannot buy anymore gold this year due to the lack of funds. Head of the ministry's precious metals department Sergei Samoshin said producers are now free to sell all gold they have on the market."
Kinross, 50% owner and operator of the Kubaka mine in the Russian Far East, has made its first gold export as a result of the Russian government's inability to purchase the gold through its right of first refusal. Under the export arrangement, 50% of the proceeds of gold exports are to be repatriated to Russia and will be used to pay in country costs as per previous gold sales with Gokhran, the Russian government agency.
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