21 Aug 2009 14:51

Bauxite field to be auctioned in Bashkortostan

UFA. Aug 21 (Interfax) - Bashnedra, the Russian Federal Subsurface Resources Agency's (Rosnedra) division in Bashkortostan, will offer the rights to explore and mine the Novoye bauxite deposit at an auction on October 12.

The agency said the starting price for the property, which is in the Salavat district, was 12 million rubles and that the bidding increment would be 10%.

The field contains B+C1 bauxite reserves of 497,000 tonnes. The license will be valid 20 years.

Exploration must begin within 18 months and a mine must attain full capacity six years after the license has been issued.

Bid applications must be submitted by September 11.