The Ministry of Finance plans to tighten requirements for refineries, which will reduce their number in Russia from 12 to four. The new rules will come into force on September 1 this year if the bill is approved.
According to the new bill, refineries will be able to receive license only under strict conditions. Enterprises must process at least 50 tons of raw materials over three years, and also produce at least 9 tons of gold and 20 tons of platinum and platinum group metals (palladium, iridium, rhodium, ruthenium, osmium).
Now, to obtain a license, it is enough to produce 3 tons of gold, 10 tons of silver or 500 kg of platinum per year. There are 12 refining enterprises in Russia, but after the changes only the largest players will remain – no more than four.
Experts link tougher requirements to shortages raw materials on the market. Many companies either produce concentrate and refining, or export raw materials to countries in the Asia-Pacific region. New measures will help control turnover precious metals and improve industry efficiency.
Reform of the refining industry is aimed at reducing the number of market participants and strengthening control over the circulation of precious metals. This may lead to increased concentration of production among large enterprises.
Source: @nedradvnews
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