26 Dec 2019 12:38

Rostec buying stake in Irkutsk Region gold mining project - paper

IRKUTSK. Dec 26 (Interfax) - State corporation Rostec will get a 35% stake in a gold mining project in Irkutsk Region, national daily Kommersant reported on Thursday.

RT-Business Development has already acquired 9.9% of Tekhservis, and Russia's Federal Antimonopoly Service has approved an application to acquire another 25.1%, increasing the Rostec subsidiary's stake in Tekhservis to more than a third, the paper said.

Tekhservis, which is co-owned by the CEO of real estate developer Samolet, Anton Yelistratov, holds an exploration license for the Cherno-Biryusinsky section of the Biryusinsko-Agulsky ore district in Irkutsk Region. The Gurbeiskoye ore field was previously discovered at the block, with reserves of 18 tonnes of B2 category and 17 tonnes of B1 category gold with a grade of 5 g/t, according to 2010 data. The ore field was taken as a benchmark in estimating the resources of the Cherno-Biryusinsky section, which total 9.1 tonnes of gold.

Until now, Rostec's only gold project in Irkutsk Region was the huge Sukhoi Log deposit, on which it is partnered with PJSC Polyus , Russia's biggest gold producer.