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Vneshtorgbank to spend $100 mln on 2002 gold production season

8 May 2002

Vneshtorgbank (VTB) plans to spend $100 million to finance gold production in 2002, the bank`s vice president, Yelena Krasavtseva, told the press Monday.

VTB intends to buy 20 tonnes of gold for further resale, she said.

Last year the bank advanced $70 million in seasonal loans to gold producers, 40% more than in 2000. VTB bought around 18.5 tonnes of gold in 2001, up 70% year-on-year.

As reported earlier, VTB allocated a total of $75 million to finance gold production in 2001. The loans were made to companies in Chita, Magadan, Irkutsk and Khabarovsk.

The bank currently works with 93 Russian gold producers.

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