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gata.org / By Polina Devitt, Reuters / January 26, 2017
MOSCOW — A joint venture between Russia’s top gold producer Polyus and state conglomerate Rostec has bought the rights to develop Sukhoi Log, one of the world’s largest untapped gold deposits, for 9.4 billion rubles ($158 million).
Russia competes with Australia for second place among the world’s largest gold producers and has one of the world’s largest gold reserves. The ore of Sukhoi Log, which translates as “dry gully” in English, contains about one fifth of Russia’s gold reserves.
After 20 years of assurances that it would sell the deposit to investors, the Russian government sold it today at a relatively cheap price as officials hope production will result in new tax revenues and jobs.
Sukhoi Log will require up to $5 billion in investments, according to industry estimates based on a 10-year-old state feasibility study. …
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