PRESS: Russia’s Polyus, Rostec set up JV for Sukhoi Log

MOSCOW, Aug 2 (PRIME) -- Russian industrial corporation Rostec and gold maker Polyus have established a joint venture called SL Zoloto to participate in an auction for development of Russia’s largest undeveloped gold deposit Sukhoi Log, business daily Kommersant reported Tuesday, citing sources close to the companies.

The charter capital of the joint venture is 10,000 rubles, Polyus will own a 51% stake in it.

The government has planned to auction Sukhoi Log for several years. Rostec, Polyus, then known as Polyus Gold, Polymetal, Nordgold, Kinross and GV Gold expressed interest in the asset.

The auction terms stipulate that an investor must not be controlled by foreign companies and the government’s stake in it must be at least 25%. Polyus is controlled by Polyus Gold International Ltd. registered on Jersey but the offshore company belongs to Russian businessman Said Kerimov.

(65.9553 rubles – U.S. $1)

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