Russia Proposes Temporary Ban on Precious Metals Scrap Export

SEATTLE (Scrap Monster): The Russian Ministry for Trade and Industry considers temporary ban on exports of precious metal scrap and tailings. The media reports citing Ministry documents say that the ban will be imposed for a period of six months starting May 1, 2019 until October 31, 2019. The decision to ban exports is aimed at promoting domestic refining of these materials in the country.

According to rough estimates by the Ministry, the Russian precious metal refining facilities reported significantly lower operating rates of nearly 30% in 2018. At the same time, exports recorded substantial jump in volumes. In fact, exports of the materials more than doubled from 2015 to 2017.

The Ministry statement noted that discussions on imposition of the proposed export ban are already in progress. A series of meetings are being planned with top industry representatives and various government agencies on the formalities of the ban procedure. Top companies including Polyus and Polymetal will represent gold and silver producers. A final sketch will be made during the talks, after which the decision will be announced formally. At the same time, it noted that it does not intend to place any ban on export of precious metal ores or concentrates in the near future.