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. Last Updated: 07/27/2016

Australians Buy Gold

An Australian company last week invested $20 million into Russians first joint gold mining venture in Far Eastern Siberia, a company director said in an interview.


Star Technologies owns a 38-percent share in Lenzoloto, a Russian corporation which this year gained rights to the Sukhoi Log Gold Field, north-east of Lake Baikal in Irkutsk.


Chris MacNee, a director of Star, said the $20 million was the first stage of an investment of $250 million.


He said that Star had transferred the money although the government had loosened secrecy on the gold reserves of the Sukhoi Log field.


Star received a general confirmation of its estimate of the field's reserves from the Russian Finance Ministry in July, allowing it to raise money for the project in Australia.


Irkutsk Regional Council Chairman Viktor Ignatenko said the local government opposed the Star project and the Russian Supreme Court was hearing a case which could end it.


MacNee said the court had not yet ruled but he thought the outcome would not affect Lenzoloto's rights.