Economy Ministry elaborates on bill on deposits

The Ministry of Economic Development and Trade has submitted a concept onthe law on deposits to the government, Mukhamed Tsikanov, Deputy EconomyMinistry, declared at a press conference organized within the framework ofthe second Baikal economic forum in Irkutsk. He was quoted as saying thatthe elaborated bill differed principally from the current law. Inparticular, it stipulates that deposits are federal property. Thikanovpointed out that, according to the current law, deposits were considered asstate property, which "had led to many negative consequences".According to the Deputy Minister, a user of deposits will make a deal withthe owner of deposits and only a court will be authorized to cancel alicense to use deposits. Moreover, the concept envisages compulsorytenders. Exploration of deposits is to be conducted by the state, andprivate companies will be in charge of the production of mineral resources.Tsikunov stressed that in two months the concept would be agreed to byevery interested agency..

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