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By Sarah Hurst
Mining News Editor 

Russia bars foreign firms from auctions

New exploration and development license policy gives advantage to Russian companies such as Polimetall, Basic Element, Norilsk


March 27, 2005

Foreign companies will no longer be allowed to bid for exploration and development licenses in Russia, the country's natural resources minister said Feb. 10. Only companies that are at least 51 percent Russian owned may participate in the auctions, according to Yuri Trutnev. This will exclude mining companies like Canadian major Barrick Gold and Britain's Highland Gold Mining, which are already...

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