The State Duma believes that the new bill on reclamation funds could seriously complicate the work gold miners. Deputies propose relaxing the rules to prevent the fields from shutting down.
The State Duma Committee on the Financial Market came up with serious amendments to the bill on reclamation funds. The main reason is fears that overly stringent financial requirements could paralyze gold mining in the country. According to experts, the initiative in its current form creates an unbearable burden for many companies.
The essence of the problem is that subsoil users are required by law to restore land after completion of work. The new document obligated them to freeze in advance tens of millions of rubles in a special account for the entire development period deposits. “This may lead to the cessation of the activities of some enterprises and, as a result, to a decrease in gold production in Russia,” explained the relevant committee.
To avoid a negative scenario, deputies are proposing a flexible approach. They recommend allowing combined financial provision. Part of the funds can be placed on deposit, and the other part can be provided in the form of a bank guarantee. This will allow companies not to withdraw large sums from circulation and continue to finance ongoing projects.
Also on the list of proposals is protection of the fund’s funds from seizure and the right of companies to independently choose a bank for cooperation. Particular attention is paid to the methodology for calculating the total amount of the fund. It is necessary to clearly state how it will be replenished if the rates for reclamation work change.
These measures are designed to find a balance between protecting nature and supporting a strategically important industry. Flexible terms will help companies continue to operate without violating environmental standards.
Source: @nedradvnews
