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11 Jul, 2007 03:31

Russian watchdog eyes gold miners

Britain's Highland Gold Mining is in danger of losing its licence for the Mayskoe Field in Russia's Northern Far East for exploitation delay.

Russia's environmental watchdog says the mining company is in breach of its licensing terms.  Although the body doesn't have jurisdiction over licensing issues, it's been at the forefront of moves to revoke them.  Comments by the Deputy Head of the Environmental Agency, Oleg Mitvol, have raised concerns about State involvement in the resources sector.

But analysts say there's a less than 50% chance of the miner losing its licence for the field.