Russian min says Sukhoi Log gold field auction unlikely this year

MOSCOW, Nov 15 (PRIME) -- The Russian government will unlikely hold an auction for the Sukhoi Log gold deposit in the Irkutsk Region this year, Natural Resources and Environment Minister Sergei Donskoi told reporters Tuesday.

“A decision has not been made, and I would like to say officially that the auction will not most likely take place this year,” he said.

In late September, Donskoi said that the auction would be most likely announced in December, while the results would be known in January.

The minister also said then that the Federal Antimonopoly Service had agreed with the ministry’s proposals to allow only companies with state ownership of at least 25% to take part in the auction.

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.

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