December 27, 2016 / 3:32 AM / 10 months ago

Russia's Rostec may sell 25 percent in Sukhoi Log JV to Polyus

MOSCOW (Reuters) - Russian state conglomerate Rostec would consider selling 25 percent in the joint venture created to develop giant Sukhoi Log gold deposit with Russia’s largest gold producer Polyus to the partner in the JV, Rostec’s head Sergei Chemezov said.

Dump trucks loaded with gold-bearing soil drive from the bottom of the 200-metre-deep Titimukhta gold operation, owned by Polyus Gold International company in Krasnoyarsk region, Siberia, Russia, June 30, 2015. REUTERS/Ilya Naymushin/File Photo

Sukhoi Log, one of the world’s largest untapped gold deposits, has remained undeveloped for half a century. Russia has been promising to sell the license for more than 20 years.

Russia is expected to hold an auction to sell the deposit in January. Rostec and Polyus had established the JV to take part in the auction.

Reporting by Gleb Stolyarov; writing by Vladimir Soldatkin; Editing by Katya Golubkova

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