Magadan Regional Official Comments On Problems Of Gold Producers

Small and medium-sized gold producing companies of the Magadan region produce a total of up to 5 tons of gold a year, or about 100 to 200 kilograms separately, the Vostok-Media agency quoted an official from the Magadan regional administration as saying. He stressed that these companies have no floating funds in operation and have to take short-term credits. Meanwhile, credit rates are growing all the time. All this is having a negative impact on the development of gold production in Russia. The official explained that the largest problem of regional gold producers is equipment upgrading. He noted that, according to estimates of the regional administration, the development of leasing services can increase the volume of gold production by 1 or 2 tons.