Companies affiliated with Roman Abramovich’s Millhouse Capital company have won auctions for the rights to explore and develop three large polymetallic deposits in Chukotka.
Photo: Dmitry Azarov
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Abramovich’s Millhouse Wins Deposits
Companies affiliated with Roman Abramovich’s Millhouse Capital company have won auctions for the rights to explore and develop three large polymetallic deposits in Chukotka, where Abramovich is governor. The auctions were strictly a formality, since Millhouse’s competitors had all withdrawn their applications to participate in them. The auctions took place yesterday in Anadyr.
Millhouse won rights to the Baimskaya and Vodorazdelnaya gold and copper fields and the Shtokverkovy tin ore field. OOO Saturn received a 25-year license for Baimskaya on the first bid for 1.078 billion rubles. Four companies participated in the auction for the Vodorazdelnaya field, which was won by OOO Region-ruda for 14.3 million rubles. The starting price was 11 million rubles. OOO Astra won the right to the Shtokverkovy field on the first bid for 495 million rubles. Millhouse Capital spokesman John Mann confirmed that those companies represent its interests.
According to Federal Mineral Use Agency (Rosnedra) data, the Baimskaya field contains 5.95 million tons of category P1 copper and 5.455 million tons of category P2 copper, as well as 84 tons of category P1 gold. Silver, platinum and molybdenum are also present in the field. The Vodorazdelnaya field contains 65 tons of gold and 3780 tons of silver, both of category P3. The Shtokverkovy field contains 62,000 tons of tin and 3900 tons of tungsten trioxide of category B and 202,700 tons of tin and 7300 tons of tungsten trioxide of category C2.
Observers say that Millhouse received the licenses cheaply. Millhouse received the license to the Dvoinoe gold field in Chukotka last year and bought 40 percent of Highland Gold Mining last December for $400 million. Highland is one of the top five gold producers in Russia.
www.kommersant.com
All the Article in Russian as of May 14, 2008
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