Official: Russia can raise Sukhoi Log auction starting payment

MOSCOW, Mar 29 (PRIME) -- The Russian government may increase the starting payment at an auction for the largest non-developed gold field Sukhoi Log, now at 5 billion rubles, Director of the Federal Mineral Resources Agency Yevgeny Kiselyov told reporters on Tuesday.

“It (the starting price) was based on prices of the first half of 2015, and now is the first half of 2016, this is why in accordance with the rules, the acting instructions, it will be calculated in prices of the second half (of 2015). The gold price has changed,” Kiselyov said.

The auction for the field, whose resources are estimated at around 130 million ounces of gold, will be held later in 2016, and local investors will have an advantage.

(67.7807 rubles – U.S. $1)

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