Official: Russia to auction Tyrnyauzskoye field until 2017-end

NALCHIK, Dec 21 (PRIME) -- Russia will auction a license to develop the large tungsten and molybdenum field Tyrnyauzskoye in the republic of Kabardino-Balkaria until the end of 2017, the region’s head Yury Kokov said late on Wednesday during a Q&A session with local citizens.

“The auction for provision of a license for development of the Tyrnyauzskoye field is scheduled for December 28–29. State corporation Rostec will participate in it among other companies, and I hope that they will win it and will start implementation of the project,” he said.

The deposit’s resources account for 40% of all discovered tungsten and molybdenum reserves of Russia. The project to relaunch production at the field may cost about 20 billion rubles.

(58.7170 rubles – U.S. $1)

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