Source Pravda.Ru

World's fifth largest gold-miner to be created in Irkutsk Region

By the end of the year a large gold-mining company on the base of the Sukhoi Log field will be created, said the regional administration quoting Governor Boris Govorin. The company would become the fifth largest in the world by volume of mining gold. It will be created on the base of assets of the Lenzoloto company and the Sukhoi Log field.

'The Russian government and Irkutsk Region came to the decision that it is necessary to sell the government stake in Lenzoloto, said Govorin. He also said that 44.9% of Lenzoloto's shares would be up for auction, shares which belong to the government and 5.6% of shares controlled by Irkutsk Region.

Govorin said already in June an announcement about the conditions of the competition for the development of the Sukhoi Log field would be signed. By December 2003 an effective consumer of the field must come forward, said Govorin.

According to preliminary estimates, 1.5 - 2 thousand new jobs and USD 31.7 million income in the region's budget each year would become a reality with the exploitation of the field. Output is estimated at 50 tonnes of ore gold annually. At the present time the region has an output of 17 tonnes of ore gold.

Comments
Russians lose faith in their future, get ready for worse
Capital outflow from Russia sets new records
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Putin dislikes the idea of US army bases coming to Kuril Islands
Men's presence in maternity wards during childbirth considered shameful in Russia
Macron challenges Trump. French independence and croissants at stake
Russia’s sanctions against Ukraine send message to Washington
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Castro sued over alleged torture
Castro sued over alleged torture
Putin dislikes the idea of US army bases coming to Kuril Islands
Castro sued over alleged torture
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Russians lose faith in their future, get ready for worse