GV Gold Became a Participant of the FX Market and the Precious Metals Market of the Moscow Exchange (MOEX)
In July 2020, GV Gold (Vysochaishy, PJSC) became a participant of the FX market and the precious metals market of the Moscow Exchange (MOEX).
Direct access to the precious metals market of the MOEX will allow GV Gold to expand its possibilities in terms of gold sales and foreign currency conversion at the market rates owing to the benefits of the exchange market: high liquidity, transparent pricing and reliability of the central counterparty.
“The precious metals market of the MOEX provides unique possibilities of getting an access to a wide range of counterparties. Banks traditionally act as the main partners and participants of the exchange trading. The number of private investors at the MOEX is over 5.3 M, and their interest to deliverable gold, which has always been considered a protective asset, is growing. Utilization of the MOEX’s infrastructure for precious metals trading with non-residents keeps expanding, especially after a trading link with the largest liquidity providers in London has been established and a status of clearing member on the Shanghai Gold Exchange has been granted. We are glad that more and more gold producers appreciate the advantages of trading and come to the Moscow Exchange” – noted Igor Marich, Board Member – Managing Director for Sales and Business Development of the MOEX.
Sergey Gostev, Deputy CEO for Economics and Finance indicated: “The Company regards its entry to the MOEX as an access to the information on the gold price quotations and as a possibility to use the service of the FX market with the minimal fee for making of real-time decisions.”
Trading on the precious metals market commenced in 2013. 59 professional traders, including three gold mining companies have an access to the market. Spot and swap deals with gold and silver are made with participation of the central counterparty, the functions of which are performed by the National Clearing Center.
GV Gold (Vysochaishy, PJSC) is one of the fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2019, its assets produced 260 koz of gold.
GV Gold’s key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.
The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).