Russia ready to announce auction for Sukhoi Log gold field by Jul

NOVOSIBIRSK, Jun 9 (PRIME) -- Russia’s Federal Mineral Resources Agency is ready to announce an auction for the Sukhoi Log gold deposit until the end of June, head of the authority Yevgeny Kiselyov told PRIME on Thursday.

“We are ready to start and even hope that the government will decide until the end of June. We would like it (the auction) to be announced until the end of June, or else we will need to revaluate the auction price, we will need to wait for pricing of the Federal State Statistics Service in order to recalculate,” Kiselyov said.

Located in the Irkutsk Region, 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. The starting price for the field may amount to around 5 billion rubles.

(64.6797 rubles – U.S. $1)

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