The world’s largest gold miner is looking to move away from mining in its home country of Russia.
In a move that is sure to fuel fears of a crash in the price of the precious metal, RBC Capital Markets said Thursday it is looking into developing an app that would let its miners mine gold in the U.S.
A team from the company’s Russia-based operations has developed a software that will allow them to mine gold using a smartphone, a move some investors say could prove profitable.
The app would be free to use for anyone to use and would be similar to those offered by many other companies in the gold mining business.
RBC said it would not offer any other mining services or services for gold miners outside the U, so it would be able to focus on the U as its first priority.RBC has been looking into creating a mining app in the past, including one that allows miners to trade gold for bitcoin, which can be used for online purchases.
The gold mining industry in Russia is dominated by a handful of mining companies, and the number of companies is growing rapidly.
The RBC team is working on the app and plans to have it ready for a test launch sometime this year.
It is not yet clear when the app will go live.
Some gold miners in Russia are concerned that the country’s currency, the ruble, has lost more than half of its value in the last year.
That has driven up the price for gold, but some gold miners are concerned the rubles devaluation could lead to a crash.
RBS has not commented on its plans.