Son of billionaire Suleiman Kerimov won auction for extraction of one-third of all Russian gold

Son of billionaire Suleiman Kerimov won auction for extraction of one-third of all Russian gold
Said Kerimov

The joint venture of Rostech and Polus of Said Kerimov spared Zoloto Bodaibo of Ibrahim Palankoev in the competition for the right to develop Sukhoi Log's field.

The gold ore field Sukhoi Log has been sold to SL Zoloto for 9.406 billion rubles. This was announced by Natural Resources Minister Sergey Donskoi.

LLC SL Zoloto directly offered the highest bidder for the field, increasing the initial cost by 10% - that is 855 million rubles. 51% of shares belong to Polus (included in the Polus Zoloto of Said Karimov), and 49% - to Rostech. At the same time, before the auction, Head of Rostech Chemezov said that the corporation may sell 25% of shares in the SL Zoloto to Polus.

Its only rival is Zoloto Bodaibo, which owner is businessman Ibrahim Palankoev, who is associated with former shareholders of Polus Zoloto and VTB structures.

And, according to analysts, despite the fact that, formally, both candidates are not connected, but Zoloto Bodaibo took part in the auction as a safety net – if only SL Zoloto filed the application, an auction would not take place. Moreover, such companies as Polymetal, Nordgold, Kinross Gold declined their participation in the auction.

Investments in Sukhoi Log market participants estimate at $ 5-6 billion - such a forecast, in particular, is given by chairman of the Union of Gold Producers Sergey Kaszuba, Vedomosti reported.

At present, Sukhoi Log is one of the world's largest gold ore fields. Its balance reserves (i.e., those that are cost-effective to develop) comprise 1.943 thousand tons of gold and 1.533 thousand tons of silver. This is presumably about 28% of the gold reserves in the country.

Attempts to develop Sukhoi Log date back to the Soviet era. In 1998, it was intended to license Sukhoi Log for the first time.

According to the Minister, the development of this field will have a powerful effect on the socio-economic development of the Irkutsk region and the entire macro-region.



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