The auction for the Sukhoi Log may be held in November -December - Donskoy

01 Sep 2016

The Ministry of Natural Resources and Ecology of the Russian Federation expects to hold an auction for the Sukhoi Log gold deposit in November-December 2016, said Sergey Donskoy, the head of the Ministry, to the reporters. “I have already said that we plan to carry out all the necessary approvals in September. In view of the decision, which was made also by the government, in terms of all administrative rules, this auction can be held in November-December,” said Donskoy, responding to a question. On August 10, the Ministry of Natural Resources submitted to the government a draft order and terms of the auction for the Sukhoi Log deposit. At the same time, it is reported that it kept the key requirements for potential participants: at least 25% of state participation in the capital and the denial of access to the auction for the companies controlled by foreign investors. The FAS said that the project requires significant improvement, in particular, the condition for access to the auction only to state-owned companies of not less than 25% is unreasonable. Donskoy said earlier that the Ministry of Natural Resources plans to settle differences with FAS in September.                                                                                                                                                                                                                               Source: Uncommercial joint ownership "Trans-regional Association  of precious metals producers"