Russian geological exploration company Rosgeo, also known as Rusgeology, has offered to explore the Sukhoi Log gold deposit further to increase its reserves of inferred resources before selling.
Anton Sergeyev, aide to Rosgeo’s CEO, reported that the company did not send any proposals on the Sukhoi Log to the government. Representatives of the Natural Resources and Environment Ministry and two of companies that were interested in the asset – state industrial corporation Rostec and gold producer Polyus – declined to comment.
According to the government, Sukhoi Log’s inferred resources under B, C1 and C2 categories amount to 1,953 tons of gold and 1,541 tons of silver, while off-balance gold resources stand at 799 tons. Natural Resources and Environment Minister Sergei Donskoi has said that the Sukhoi Log, one of the largest undeveloped fields, is unlikely to be auctioned in 2016.
Sources reported that larger reserves would allow the government to sell it at a price exceeding the current initial payment of 8.55 billion rubles. If the additional exploration is done, Rosgeo may in future claim for development of the field on its own or with partners.
Two sources said that the company’s proposal was a reason to delay the auction. But a source close to the office of a deputy prime minister said that the company did not file written requests. (Prime/Ukrainian metal)