Russia`s watchdog moves to revoke gold producer`s license
Russia`s environmental watchdog is requesting that a license be revoked for a gold field in Chukotka from a 100% subsidiary of Britain`s Highland Gold Mining Ltd, the country`s natural resources ministry said Tuesday.
"Rosprirodnadzor has presented evidence of license violations at the Maiskoye gold deposit in Chukotka by the Maiskoye company to a commission of the Russian Federal Agency for Subsoil Use," the ministry said.
The environmental watchdog said the license holder had no agreement for a project for mine operations in the field, while the appropriate documentation should have been approved back in 2006.
It also said the company has failed to launch production on schedule or meet established quotas, adding that it did not intend to honor the terms of the license, hoping to have them reviewed again.
"Similar changes, extending the deadline for a geological survey, have already been made twice," the ministry said.
Highland Gold Mining Ltd is among the world`s top 20 gold producing companies. In 2006, it produced 167,544 ounces of gold, 4.6% more than in 2005.
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