Aurora Acquisition Corp (AURC)

[cmzio]

Dec 29, 2006: Putin signs decree to cancel precious metal export quota
MOSCOW, Dec 29 (Prime-Tass)

Russian President Vladimir Putin has signed a decree on canceling export quotas for precious metals and stones, a source at the Russian government told Prime-Tass Friday.

Previously the Russian government set export quotas for producers of precious metals, stones and uncut diamonds on an annual basis. The producers are allowed to make exports via the government's trading agent Almazjuvelirexport.

In some cases the government has granted export quotas for several years. Norilsk Nickel received a 10-year quota for palladium exports in 1999. In 2001 it also received a 5-year quota for exports of platinum and rhodium.Alrosa received a 5-year quota for exports of uncut diamonds in 2003.

Commenting on the signing of the decree Sergei Gorny, deputy general director of Almazjuvelirexport, said that the decree has legalized the existing state of things. Both Norilsk Nickel and Alrosa have long-term export quotas, while other producers export platinum salts rather than metals.

http://www.amcham.ru/primetass_newswire/p412677