The Federal Antimonopoly Service (FAS) of Russia plans to tighten control over foreign owners of gold deposits with reserves of 30 tons of gold. Corresponding changes have been made to the bill regulating foreign investment in strategically important industries.
FAS Russia has developed a bill that expands the list of strategically significant objects subject to control. Now not only subsoil areas of federal significance will fall under supervision, but also deposits containing gold reserves of 30 tons or more. In particular, we are talking about ore deposits with reserves from 30 to 50 tons of gold, as well as deposits with reserves over 50 tons, if they are controlled by one person.
According to the document, foreign investors owning more than 5% of shares or interests in companies developing such deposits are required to provide information about their beneficiaries. If the share of foreign participation exceeds 50%, investors must either agree control with the FAS or reduce their share to less than 50%.
If these requirements are not met, the FAS will be able to go to court to deprive the foreign investor of the right to vote at shareholder meetings. The new rules will come into force three months after the official publication of the law.
The FAS initiative is aimed at strengthening control over foreign investment in strategically important industries, including gold mining. This will minimize risks to national security and ensure transparency in the management of the country’s key resources.
Source: zolteh.ru
