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Agreement with China on development of Siberian gold mine passes government

Under the agreement, production of precious metals is mandatory in the Russian territory

MOSCOW, October 14. /TASS/. The Russian government approved a draft agreement with the Chinese government on development of the Kluchevskoye gold deposit, the Russian government’s website published the document on Saturday.

"The agreement will fix conditions, allowing China National Gold Group Hong Kong Limited … or any other company under its 100% control (direct or indirect) to buy at least 60% and not more than 70% of the voting shares of the Rudnik Zapadnaya - Kluchi Joint Stock Company with the purpose of organizing favorable conditions for investment cooperation in implementation of the project to develop the Kluchevskoye gold ore deposit," the website reports.

Under the agreement, production of precious metals is mandatory in the Russian territory. Implementation of the project would offer about one thousand jobs, mostly in the production cycle, and about two thousand jobs in the neighboring spheres, as well as additional revenues to the country’s budget.

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