Russian watchdog sees Sukhoi Log auction in September–December

ST. PETERSBURG, Jun 16 (PRIME) -- Russia’s Federal Mineral Resources Agency plans to auction the Sukhoi Log gold deposit in September or in October–December, head of the authority Yevgeny Kiselyov told reporters on Thursday.

“We have sent all documents to the ministry for coordination. After that, the documents will be submitted to the government. I hope that we will make it in time (to auction the field) at the end of the third quarter or at the beginning of the fourth one,” he said. “We sent the documents yesterday.”

Located in the Irkutsk Region in Siberia, 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.

(65.9156 rubles – U.S. $1)

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