Kazakhstan to buy out export gold

25 августа 2011, 11:18
Kazakhstan will replenish its gold reserves by buying out gold aimed for export, Tengrinews.kz reports citing press-releases of Kazakhstan National Bank and Association of Mining and Metallurgical Companies.

The National Bank will become a guaranteed consumer for local gold producers. The state will also control import and export of gold. Currently it is more profitable for gold producers to export gold because of the VAT system. National Bank suggested that the Government applies VAT to both local and export sales of gold.

“Starting from January 1, 2012 it is necessary to create conditions and motivation for further development of reprocessing of raw materials containing precious metals at the territory of Kazakhstan and the Custom Union countries,” the press-release states.

KazZinc is currently the only company in Kazakhstan that has capacity to produce gold according to London good delivery standard. Kazakhmys produces gold ingots complying with Kazakhstan standard. Boosting up capacity of Kazakhmys will allow having another certified company producing gold as per London good delivery standard. This will be enough to reprocess the whole amount of precious metals produced in Kazakhstan.

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