58171
Russia to Sell Untapped  Gold Deposit
Russia to Sell Untapped  Gold Deposit

Russia to Sell Untapped Gold Deposit

Russia to Sell Untapped Gold Deposit

Russia is expected to sell discounted rights to one of the world’s largest untapped gold deposits this week to a joint venture of miner Polyus and a state conglomerate, industry sources and analysts said, after sanctions and restrictions discouraged other bidders, Reuters reported. The starting price at Thursday’s auction of the Sukhoi Log deposit is $144 million, valuing gold there at $2 per ounce, around 10 times cheaper than deposits of a similar size elsewhere in the world, according to one analyst. The Russian government, after 20 years of promises to sell the deposit, hopes the start of production will generate much-needed tax revenues and jobs. Moscow has also come under pressure from a two-year lobbying campaign by shareholders in the joint venture of Polyus and state-run Rostec, according to an industry source, who spoke on condition of anonymity. As part of a policy of keeping strategic resources in Russian hands, the government limited access of foreign investors to the auction, ordering that 25% of any bidder should be owned by state-controlled firms.

 

Short URL : https://goo.gl/0A7pT4
  1. https://goo.gl/DqXY45
  • https://goo.gl/IHbypT
  • https://goo.gl/7Hbmj9
  • https://goo.gl/Pm3h2R
  • https://goo.gl/FzS6ie

You can also read ...

In Southeast Asia, the Philippines is seen leading with GDP growth at 6.6% this year and 6.7% in 2018.
The IMF’s latest “Regional Economic Outlook” report paints a...
Int’l Observers Update Vietnam Growth Forecasts
International organizations are continuing to show optimistic...
European Equities Hit Pause Button
Europe’s major stock markets paused on Tuesday as investors...
More and more people in Europe are now able to find a job.
The European Commission published its yearly report on Labor...
Kenya’s debt is currently at $38.7b.
Kenya’s rising debt is set to hit 60% of gross domestic...
Economic recovery will be key to bringing down the jobless rate of 21%.
Greece’s economy fell into recession again last year,...
Algeria Worst Country in Economic Freedom
Algeria is one of the worst countries in the world for...
Goldman Offers Buyback, Dividend Details
Goldman Sachs Group Inc offered investors a window into its...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus