Russia’s beet-sugar exports are seen declining to 120,000 metric tons or less in the season started Aug. 1 because consumers are switching to lower-priced European supplies, the Institute for Agricultural Market Studies said.
Russia, which started beet-sugar exports last year, will reduce domestic output of the sweetener to 4.4 million to 4.7 million metric tons due to a weaker crop this season, the Institute for Agricultural Market Studies said.
Russia may have to import raw sugar in the current crop year after mills were unable to process enough beets from a record harvest to meet local demand, according to the Institute for Agricultural Market Studies.
OAO Polyus Gold, Russia’s biggest gold mine operator, said it plans to go ahead with a reverse takeover of the company by its U.K.-listed KazakhGold Group Ltd. unit even as Kazakh regulators canceled an earlier approval.
OAO Polymetal, Russia’s largest silver producer, said “panic selling” of precious metal assets in the country because of the global financial crisis has run its course as the price of gold rises and ruble falls.
The Assaubayev family, locked in a dispute with OAO Polyus Gold , said Russia’s biggest producer of the metal is using allegations against the family to divert attention from a Kazakh government probe of the company.