Russia to sell gold amid budget problems, Pravda reports on source basis

Section:

By Alexey Viazovsky
Pravda, Moscow
Sunday, October 23, 2016

The Russian Finance Ministry intends to reduce purchases by the state fund of precious metals and stones. At the same time, it is planned to begin selling gold and diamonds to replenish the treasury.

A source told Pravda: "The reasons for this decision are clear. In Russia, there is a problem with the budget deficit, revenues are reduced, costs do not decrease, and the Finance Ministry is looking for ways to fill the revenue part ... through the sale of gold and precious stone reserves. ... The Finance Ministry has decided to take profits. ...

... For the remainder of the report, in Russian:

http://www.pravda.ru/news/economics/24-10-2016/1316573-vyazovsky-0/



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K92 Mining Begins Gold Production at Kainantu Mine

Company Announcement
Wednesday, October 5, 2016

K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.

Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."

...For the remainder of the announcement:

http://www.k92mining.com/2016/10/6077/



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