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PM Medvedev signs order to auction Sukhoi Log in 2017

Staff Writer |
Russian Prime Minister Dmitry Medvedev has signed a ruling to auction the Sukhoi Log gold deposit in 2017 with a starting one-time payment for the license of 8.55 billion rubles ($132 million).

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The Sukhoi Log is one of the largest gold reserves in the world located in Irkutsk Oblast and has estimated reserves of 64 million oz of gold.

According to the government, Sukhoi Log’s inferred resources under B, C1 and C2 categories amount to 1,953 tonnes of gold and 1,541 tonnes of silver, while off-balance gold resources stand at 799 tonnes.

Gold producers Polyus, Polymetal, Nordgold, Kinross, GV Gold, and state industrial corporation Rostec showed interest in the field, whose area amounts to 7.94 square kilometers.

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