Gold

India hikes import duty on gold jewellery to 15 pct 0

haiti goldSource: Reuters

India increased its import duty on gold jewellery from 10 percent to 15 percent, the finance ministry said on Tuesday, setting it higher than the duty on raw gold in a move to protect the domestic jewellery industry. More…

Rupee hits another low of 109.03 against USD 0

Nepali rupeeSource: Republica

Nepali rupee slumped to a record low of 109.03 against US dollar this week after the Indian currency, with which rupee is pegged, weakened against the greenback. Rupee, however, gained 19 paisa against US dollar this week.

Price of gold, on the other hand, went down by Rs 770 per 10 grams this week. More…

New finds doubled Azerbaijan's gold reserves in past years 0

goldnuggetsSource:Azernews

Gold reserves have doubled in Azerbaijan due to deposits found in recent years, Ecology and Natural Resources Minister Huseyngulu Baghirov said in an interview to the official website of the ruling New Azerbaijan Party on September 4.

Baghirov said major advances in geological exploration work have been achieved in the last ten years. 192 deposits of various profiles were put on the balance in 25 regions of the country. More…

Mongolia eases gold mining regulations to increase transparency and national reserve 0

gold-bullion-007Source: The UB Post

During last week’s regular meeting of the government, the cabinet agreed to submit a bill that would ease and increase transparency in gold trading to stop illegal exportation and increase the nation’s gold reserve.

The cabinet agreed that the Law on Taxation for Products that Increase in Value, approved in 2006, has put a lot of tax pressure on gold miners and served as the primary reason behind illegal trading and exportation of gold, and tax evasion by gold mines. More…

Gold hits record high of Rs 63,300 0

gold-bullion-007Source: Republica

Gold price hit its all-time high of Rs 63,300 per tola (11.664 grams) in domestic market on Wednesday.

According to Federation of Nepal Gold and Silver Dealers´ Association (FNEGOSIDA), the price of yellow metal increased by Rs 3,400 per tola today. More…

Mongolia to Rio Tinto: fund Oyu Tolgoi mine expansion with cash flow 0

oyu_tolgoi_mine_editedMongolia wants the planned US$5.1 billion expansion of Rio Tinto’s Oyu Tolgoi mine to be financed from cash flow until a dispute over the cost of the biggest foreign investment in the country is resolved.

Cost overruns at the copper and gold mine, 34 per cent owned by Mongolia, are increasing the debt the government owes to Rio’s Turquoise Hill Resources unit, which operates the project, the minister of mining, Davaajav Gankhuyag, said on Friday. More…

In Gas We Trust: Will Papua New Guinea’s Resources Really Transform the Country? 0

To boost Papua New Guinea's economic development, the country needs to prudently manage its natural resources

To boost Papua New Guinea’s economic development, the country needs to prudently manage its natural resources

By John Enos

As one of the most isolated and remote countries on earth, Papua New Guinea (PNG) has caught the eye of investors due to its substantial natural resource wealth. PNG achieved an impressive 8% GDP growth in 2012 and 6.1% growth is projected this year, thanks to the mining sector. Growth is expected to slow to 4%, however, as Exxon-Mobil’s US $19 billion Papua New Guinea Liquefied Natural Gas (PNG LNG) project nears completion in 2014. Revenues flowing to both mining companies and the PNG government have been hit by sliding global commodity prices, highlighting why Papua New Guinea must diversify its economy to avoid the perils of its resource windfall. More…

In Gas We Trust: Will Papua New Guinea's Resources Really Transform the Country? 0

To boost Papua New Guinea's economic development, the country needs to prudently manage its natural resources

To boost Papua New Guinea’s economic development, the country needs to prudently manage its natural resources

By John Enos

As one of the most isolated and remote countries on earth, Papua New Guinea (PNG) has caught the eye of investors due to its substantial natural resource wealth. PNG achieved an impressive 8% GDP growth in 2012 and 6.1% growth is projected this year, thanks to the mining sector. Growth is expected to slow to 4%, however, as Exxon-Mobil’s US $19 billion Papua New Guinea Liquefied Natural Gas (PNG LNG) project nears completion in 2014. Revenues flowing to both mining companies and the PNG government have been hit by sliding global commodity prices, highlighting why Papua New Guinea must diversify its economy to avoid the perils of its resource windfall. More…

Rio faces more hurdles at Oyu Tolgoi, Mongolia shareholder says 0

Oyu-Tolgoi
Reposted from Reuters

Rio Tinto faces lingering disputes with the Mongolian government over its Oyu Tolgoi copper mine, said a director of the state company that owns a third of the mine, highlighting risks confronting the massive project.

According to Tserenbat Sedvanchig, executive director of Erdenes Oyu Tolgoi, the government still has 22 points of dispute with Rio Tinto, operator of the project which is expected to boost the country’s economy by 35 percent by 2020. More…

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