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Russian government takes over gold mining sector

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posted on Aug, 21 2007 @ 10:54 PM
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First the corporations then the banks followed by the oil and gas, then the space program. Now its the gold mining industry. Russia is taking back what fell out when the Soviet Union dropped the pen.


MOSCOW. (RIA Novosti economic commentator Oleg Mityayev) - The Russian government is preparing to take control of gold mining, another "strategic sector" of the national economy where profits are expected to soar.

As a first move towards that goal, billionaire Mikhail Prokhorov will sell his 22% stake in Polyus Gold, the country's largest gold producer, to diamond monopoly Alrosa.

According to sources involved in the deal, Alrosa has offered Prokhorov much more for his stake than did his former partner, Vladimir Potanin, the co-owner of Interros, the managing company for Norilsk Nickel.

More at source.


It continues, "holds the world's second largest gold reserves (after South Africa), and production costs in Russia are substantially lower". Paying off its external debt, building the fourth largest national reserves in the world, gathering up the energy and technology assets, and flexing its military muscle, the New Russia is emerging as a true rival.

At the expense of private industry and foreign investors of course....




posted on Aug, 21 2007 @ 11:07 PM
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At the expense of private industry and foreign investors?


Prokhorov will be taking a $2,500,000,000 cheque home with him at the end of the day, at a profit of 20-30%, according to your article. You make it sound like he`s being forced at gunpoint to make a few hundred million dollars. How exactly is this at the expense of private industry?

That`ll give the Russian government 51%. A controlling share, but hardly cutting out foreign investment.

In other words, I fail to see the problem.



posted on Aug, 22 2007 @ 01:06 AM
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God forbid that national natural resources are under control of *GASP* - the nation. Why should petroleum and other resources be owned by individuals, especially when there prices and availability is paramount for the national economy. Some things should never be privitized, or you will have corporations who have the resources running the country - like in the US with ConocoPhilips, Exxon, etc.

[edit on 22-8-2007 by maloy]



posted on Aug, 22 2007 @ 05:00 PM
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Originally posted by maloy
God forbid that national natural resources are under control of *GASP* - the nation. Why should petroleum and other resources be owned by individuals, especially when there prices and availability is paramount for the national economy. Some things should never be privitized, or you will have corporations who have the resources running the country - like in the US with ConocoPhilips, Exxon, etc.


I certainly do agree with you. As long as they are being responsible with the funds, and considering Russia now has the fourth largest reserves in the world they may very well have been responsible with the assets.

And a good thing too. They're going to need the resources and funds for the coming wars....



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