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11

The World?s Biggest Gold Field To Be On the Auction

Sukhoi Log's reserves, counted back in 1977, total more than 1,000 tonnes of gold

The Russian Economic Development and Trade Ministry are going to finish discussing with other government agencies the terms of an auction for the world?s biggest Sukhoi Log gold field in the Irkutsk region in May.
The ministry had not yet reached a final decision about the main areas of contention, which are how big a stake foreign shareholders are allowed to own in an auction bidder, what pledges that the winner will have to make and what compensation should be payable to companies that have worked at Sukhoi Log in the past.
The latter issue "gives the economy ministry cause for doubt," the source said.
According to the Irkutsk region's governor the auction is supposed to be a private one, that is for local bidders.
The law states that the auction will take place six months after the terms are announced.
Sukhoi Log's reserves, counted back in 1977, total more than 1,000 tonnes of gold, with an average ore grading of 2.7 g/t for the metal. They also contain platinum, palladium and rhodium.
Various estimates put the cost of developing Sukhoi Log at $700 million-$1.5 billion.