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    Russia's Largest Gold Mine to Be Auctioned on January 26 Starting at $130Mln

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    An auction to sell one of the world's and Russia's largest gold deposits will be held on January 26, 2017, with the starting price set at over $130 million, Russian Minister of Natural Resources and Environment Sergei Donskoi said Friday.

    MOSCOW (Sputnik) — Prime Minister Dmitry Medvedev has signed a decree on the Sukhoi Log gold reserve auction in 2017 earlier in the day.

    "The auction will be announced today, it is scheduled for January 26," Donskoi told reporters. "The size of the single payment will amount to 8.55 billion rubles [$133.22 million], it is not planned to be updated at the start of trading."

    The auction will be "for the right to use the subsoil plot of federal importance, including the Sukhoi Log deposit, located on the territory of the Irkutsk Region, for the exploration and mining of gold," the decree signed by Medvedev states.

    The Sukhoi Log is estimated to have reserves of about 64 million oz of gold.

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    Sukhoi Log, gold, Sergei Donskoi, Russia
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