Russia to auction Irkutsk Region iron ore field for 4 bln rbl

MOSCOW, Sep 4 (PRIME) -- Russia’s Federal Mineral Resources Agency has set for sale an iron ore deposit in the Irkutsk Region with a starting price at 4 billion rubles, the authority said on Monday.

Bids are accepted until October 5, the auction is scheduled for October 23. The deposit will be provided for development for 20 years.

The reserves of magnetite ore amount to 101.8 million tonnes under C2, 465.7 million tonnes under C1, 36.7 million tonnes under B. Off-balance reserves for underground processing stand at 32.5 million tonnes under C2, 18.4 million tonnes under C1.

(96.3411 rubles – U.S. $1)

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