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Russia is now among the top five gold holders after surpassing China, which reportedly holds 1,843 tons. Over the last 15 years, Moscow and Beijing have been aggressively accumulating gold reserves to cut their dependence on the US dollar.

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Nordgold's entrance into the African mining market also marked the beginning of Wilcox's journey with the firm. "I was hired by Nordgold in November 2010 as the EPCM manager of the Bissa Gold project in Burkina Faso. About a year later I took over as the director of the project and another year after we poured first gold on that project.

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Mining Global provides latest mining news, a monthly mining magazine and a mining website for companies, associations and mining executives globally.

PwC Corporate income taxes, mining royalties and other mining taxes—2012 update 5 Indonesia has tax incentives for specifi c mining activities such as basic iron and steel manufacturing, gold and silver processing, certain brass, aluminium, zinc and nickel processing activities and quarrying of certain metal and nonmetal ores.

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