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Russian central bank can't explain why it keeps buying gold
Russian Central Bank Says It Has No Aim to Raise Gold's Share in Reserves
By Yelena Fabrichnaya, Lidia Kelly, and Maria Kiselyova
Wednesday, September 28, 2016
Russia's Central Bank is ready to continue buying gold from banks but has no quotas or objective to increase the metal's share in its gold and foreign exchange reserves, the bank's First Deputy Governor Dmitry Tulin said on Wednesday.
"We are not currently selling foreign currency from reserves but keep buying gold, for which prices are rising, which has led to a rise of gold's share in reserves," Tulin told reporters.
"We don't have an operational target of increasing gold's share in reserves but it may grow naturally," he said, adding the bank had made an offer to banks to buy gold.
K92 Mining Shows What 'Fast Track' Really Means
By Kevin Silva
Market One Media, Vancouver, British Columbia, Canada
via Business News Network, Toronto
September 18, 2016
"Fast-tracking" is an overused phrase in the mining sector. But K92 Mining Inc. (TSX.V: KNT) has demonstrated exactly what that concept means.
Less than four months after going public on May 25, the company has completed additional financings totaling $18.5 million. It also refurbished the mill and mine facilities with enhanced processing capacity and has two drills turning onsite. With all this accomplished, production looks to be just days away.
"The technical team on site has done an excellent job with the production restart, and we are on schedule and on budget," says Director and Chief Operating Officer John Lewins. "With that focus on track, and with the enhanced financial flexibility resulting from our recent financings, we are now looking to target a resource expansion that we believe exists."
K92 has under-promised and over-delivered. ...
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