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India's bank note ban to disrupt gold-smuggling business
A thousand-rupee note is worth less than US$15. What makes the Indian government think that smugglers won't easily switch to US$20 bills?
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By Rajendra Jadhav
Thursday, November 10, 2016
MUMBAI -- India's surprise move to abolish high-value bank notes has started to disrupt cash-based gold smuggling and should benefit official importers of the metal in the world's second biggest consumer, industry officials said.
A drop in smuggling will allow banks and refiners to charge a premium over official local prices, which include a 10 percent import tax. For most of 2016 gold traded at a discount in India as smugglers undercut official importers.
Official importers welcomed Prime Minister Narendra Modi's move this week to declare 500- and 1,000-rupee bills illegal and make them worthless for holders of unaccounted wealth.
Dealers charged a premium of up to $6 an ounce over official domestic prices on Thursday, compared to a discount of $3 an ounce last week. ...
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K92 Mining Begins Gold Production at Kainantu Mine
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:
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