CANADIAN gold player Bema Gold Corp has said it is becoming easier to operate in Russia, where it is developing its prospective Kupol project, despite contrary reports suggesting the Russian Government is angling for an interest in the project.
Reuters reported investors had been discounting Bema because of its exposure to sovereign risk in Russia. Bema's chief executive Clive Johnson said there was no truth to the rumours of issues with property title.
He said none of the recent moves by the Russian Federal Government would negatively affect Bema's ability to develop projects in Russia.
Bema already operates the Julietta gold mine in Russia and is working towards completing a bankable feasibility study at Kupol this quarter. The company said it hoped to arrange project financing by the third quarter.
Kupol has an indicated resource of 4.8 million tonnes grading 20.3 grams per tonne gold for 3.1 million ounces and a further 3Mt at 12.4gpt for 1.2Moz in the inferred category.
