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President Nazarbayev mulls state-owned gold refinery

05 july 2011, 10:05
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Photo courtesy of deswal.ru
Photo courtesy of deswal.ru
Kazakhstan needs a state-owned gold refinery, President Nazarbayev said July 4, Tengrinews.kz reports.

“In terms of gold production we have set a goal to produce 70 tons a year. We will be the 2nd after Russia in the post-soviet space. 40 tons could be sold. We have 120 gold deposits (…) The Government needs a single gold refinery to produce high-quality gold. All entities extracting gold will be turning in gold to the state-owned refinery. We need a special legislation (…) to ensure state safety”, President Nazarbayev stressed.

In 2010 gold production in Kazakhstan made up 29.9 tons, including 13.3 tons of refined gold. By 2014 the Ministry of Industry and New Technology plans to produce 70 tons a year.

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