19 out of 29 gold-mining companies pledge to supply gold to the Astana refinery

Memoranda on gold supplies to the gold refinery to be constructed in Astana have been signed with 19 gold-mining companies of Kazakhstan, Newskaz.ru reports, citing the country’s Minister of Industry and Trade Asset Issekeshev. “Out of 29 gold-mining companies based in Kazakhstan 19 companies have already signed memoranda on gold supplies to the would-be gold refinery”, Mr. Issekeshev said at the mining congress July 4. According to him, in 2012 the National Bank of Kazakhstan plans to purchase 26 tons of gold. Construction of the refinery capable of producing 25 tons of gold and 50 tons of silver is to be completed in 2013. The investments are estimated at $30.4 million. Mid-March Tengrinews.kz reported, citing the National Bank Governor Gregory Marchenko, that the National Bank of Kazakhstan had started exercising its pre-emptive right to purchase gold from Kazakhstan-based gold producers and had already purchased a total of 20 tons. In August 2011 the National Bank announced that to combat lack of transparency in gold exports following the liberalization of the national market of precious metals and to refill the national gold and currency reserves the Bank would be exercising its preemptive right to purchase gold to be produced within Kazakhstan. “Although the decision came into force only January 1, 2012, the Bank actually started purchasing gold in November 2011 and has already purchased about 20 tons”, Mr. Marchenko said during an on-line conference arranged by Profinance.kz at that time. According to him, the Bank plans to purchase all the gold to be produced in 2012 and 2013. Earlier Mr. Marchenko said that in the previous 6 years the National Bank had not been purchasing gold in the internal market as all the gold was exported.