State Corporation "Rostekh" and "Polus" are preparing to establish a consortium for the development of Russia's largest gold deposit Sukhoy Log, - saind in a Wednesday newspaper "Kommersant". Earlier, Vice Prime Minister Aleksander Khloponin instructed the Ministry of Natural Resources and Rosnedra to "accelerate works" on preparation of the auction for Sukhoy Log. According to publication sources, there were unexpected candidates for participation in the auction - ALROSA and the former owner of "Polus", Hazret Sovmen. At the same time, discussion of the project for ALROSA is "hypothetical" as this is not suitable for strategy of the company. According to the sources familiar with the course of negotiations, planned joint-venture of "Rostekh" and "Polus" (a company controlled by the family of Suleyman Kerimov) is at the high stage of readiness. "The parties have signed a non-binding partnership agreement for Sukhoy Log and may soon establish a company with the jurisdiction in the Russian Federation. They do not disclose the allocation of shares and obligations but remind that "Rostekh" initiated the auction in the summer of 2015, while "Polus" has some experience. In 2015, "Rostekh" and "Polus" were considered as absolute favorites by field development, but at the beginning of 2016 a number of officials "have questions on the quality of state corporation examination for the project" and repeatedly postponed launch of Natalka project plays against "Polus". In last December, investments to Sukhoy Log were assessed by the Ministry of Natural Resources in the amount of more than RUB 100 bln., initial payment per field - RUB 5 billion. According to the State balance of mineral reserves, Sukhoy Log gold deposit contains forecasted resources of gold by categories B + C1 + C2 1953 tons, silver - 1541 tons, off-balance reserves of gold - 799 tons. The share of deposit in the country's total reserves of gold is 28%. It has the potential to increase the resource base - forecasted resources of gold (categories P1 + P2) amount to 1015 tons.
Sourсe: Kommersant.ru/ Gold Mining Manufacturers' Reporter gold.1prime.ru