Sviaz-Bank Begins Funding Gold Producers in Trans-Baikal Territory
OREANDA-NEWS. On June 18, 2009 Sviaz-Bank has started lending funds to gold producing companies in Trans-Baikal Territory (the area east of Lake Baikal). As a start-up project, two contracts were signed for the purchase of standard and weighed bars of refined gold by the Bank, reported the press-centre of Sviaz-Bank.
The Bank has adopted a Program for operations in the primary market of precious metals in the period between 2009 and 2011 in Russia’s major gold-producing areas. The Bank plans to buy 300 kg of gold until the end of this year, with larger purchases to be made later.
The Bank finances gold-producing companies on the terms of advance payment for gold delivered to a refinery, or offers loans for the length of the gold washing season.
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