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Severstal Set to Buying Siberian Deposits
Russia’s metal giant Severstal has set to buying at large the gold-bearing deposits in the country. Yesterday, for instance, its Severnaya Zolotorudnaya Co. (North Gold-Ore Co.) outbid Polus Zoloto for Uryakhskoe deposit with the forecasted reserves of 100 tons of gold. The winner paid 268.8 million rubles for the asset of average size and will spend twice as much for exploration.
Severstal that, a month ago, acquired 22 percent in Ireland’s Celtic Resources (Suzdal and Zherek deposits in Kazakhstan) got its first Russia’s asset of gold yesterday once it won the tender for Uryakhskoe deposit. To outbid competitors, Seversal had to hike the starting price 5.6 fold, offering as much as 268.8 million rubles for the license.
Uryakhskoe deposit is located at border of the Irkutsk region, Buryatia and the Chita region. The forecasted reserves of gold ore under R2+R3 categories were evaluated at 100 tons in 2004.
According to the terms of the tender, Severstal is to explore the area and launch production by 2013. The analysts say the exploration will cost at least 500 million rubles in addition to the company.
Severstal is apparently resolved to expand in the Irkutsk region. Its subsidiary will bid today for Zegen-Golskoe ore field with the reserves of 40 tons under the R2 category. One of the biggest gold-bearing deposits, Sukhoi Log, is nearby and the analysts say the current tenders signal that Severstal will attempt to bid for Sukhoi Log as well.
www.kommersant.com
All the Article in Russian as of Sep. 07, 2007
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