With direct access to the Precious Metals Market, GV Gold will explore new opportunities in selling gold and converting foreign currency at market rates, benefitting from the on-exchange market’s strong liquidity, transparent pricing and reliability of the central counterparty, according to MOEX.
“Moscow Exchange’s Precious Metals Market provides unrivalled opportunities to approach a wide range of counterparties. Banks are traditionally key partners and trading participants on the Exchange. Retail investors, whose number on MOEX is now more than 5.3 million, have a growing interest in deliverable gold, which has always been considered a defensive asset. MOEX’s infrastructure is now more widely used in precious metals transactions with non-residents, notably following the introduction of the trading link with London’s largest liquidity providers and the acquisition of clearing member status with the Shanghai Gold Exchange by MOEX. We are pleased to see that more and more gold producers appreciate the benefits of on-exchange trading and are joining MOEX,” Igor Marich, Moscow Exchange executive board member and managing director for sales and business development, said.
“We see our membership with Moscow Exchange as a way to receive data on gold quotations and use the FX Market service at the minimum fee to efficiently execute operations,” Sergey Gostev, deputy CEO for economics and finance at GV Gold, added.
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Moscow Exchange launched the Precious Metals Market in 2013. Fifty-nine professional market participants including three gold miners now have access to the market. Market participants execute spot trades and swaps in gold and silver with the central counterparty (CCP NCC).
GV Gold (Vysochaishy, PJSC) is a Russian gold mining company. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2019, the firm’s 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 said it adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).