Min: Russia may auction Sukhoi Log gold deposit in Nov–Dec

GORKI, Moscow Region, Aug 31 (PRIME) -- Russia’s Natural Resources and Environment Ministry expects to hold an auction for the Sukhoi Log gold deposit in November–December, Minister Sergei Donskoi told reporters Wednesday.

“I’ve already said that we plan to get all necessary approvals in September. Taking into account all decisions, including by the government, in terms of all administrative rules, this auction may take place in November–December,” he said.

Donskoi said earlier that the ministry plans to solve all disagreements on the field’s sales terms with the Federal Antimonopoly Service in September. The antitrust body earlier objected the rule under which only companies where the government holds at least 25% could take part in the auction.

The Sukhoi Log is one of the largest undeveloped fields with forecast gold reserves estimated at 1,953 tonnes and silver reserves at 1,541 tonnes.

Donskoi also said that the ministry also plans to hold an auction for the Erginskoye oil field in the Khanty-Mansi Autonomous District in 2016.

The field’s recoverable oil reserves under C1 and C2 categories stand at 103 million tonnes. Several companies, including oil majors Gazprom Neft and Rosneft, Independent Oil and Gas Company, Surgutneftegas, Novatek, and Lukoil, already expressed interest in the field.

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