Min says Russia can let foreigners contest for Sukhoi Log

MOSCOW, Mar 21 (PRIME) -- Foreign and offshore companies may participate in an auction for the country’s largest non-developed gold field Sukhoi Log, Natural Resources and Environment Minister Sergei Donskoi told reporters on March 19.

“Various companies will participate in this auction and as regards whether companies with foreigners’ stakes could participate, then most probably yes,” Donskoi said. “It is clear that the project is difficult and complex and will require raising foreign investment. Not all investment will be Russian maybe, there will be foreign investment.”

The government is now considering requirements to consortiums, which could be allowed to participate in the auction, he said.

Sukhoil Log’s resources are estimated at around 130 million ounces. The starting price for the field may amount to around 5 billion rubles. The auction is expected to take place in 2016.

(68.4026 rubles – U.S. $1)

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