Shipment of ore Deposit area, gold
Russia’s Largest gold Deposit went without a fight, the newly created company, “CL Gold” — SP “Pole” said Kerimov and “Rostec” for 9.4 billion rubles After the auction rostec will receive from the partner of $ 141 million for 23.9% of the joint venture
“I don’t know why was there no fight”
Russia’s Largest gold Deposit Sukhoi Log in the Irkutsk region, which could not be sold for more than 20 years, on Thursday, January 26, was auctioned in 12 minutes. The license to develop the field was received by the company “SL Gold”, which in July 2016 registered gold mining company “Polyus” (51%) and the state Corporation “rostec” (49%). This was stated by the Minister of natural resources Sergei Donskoi.
According to don, “CL Gold” will pay to the budget of 9.4 billion rubles. Thus, the company made only one step in the auction 855 million roubles — the initial price was of 8.55 billion roubles And its only competitor — the company “Gold Bodaybo”, a joint venture of VTB Bank and structures of the businessman Ibrahim Palankova — did not negotiate.
the Auction, which began at 11:00 Moscow time, was closed to reporters. At 11:12 GMT the Ministry told RBC that the auction is completed, that is, the auction lasted only 12 minutes. The auction was attended by Deputy Chairman of the government of the Irkutsk region Viktor Kondrashov, members of the Committee, representatives of the companies-applicants (“CL Gold” and “Gold Bodaibo”) with the attorney, told RBC Minister of natural resources of the Irkutsk region Andrey Kryuchkov immediately after the auction. “I don’t know why there was no struggle; the auction ended as soon as I made the first step,” he added.
“Company “Gold Bodaibo” had a clear price guide for participation in the auction for the development of Sukhoy Log” — representative VTB has answered the question RBC, why is this company so quickly out of the race. “We no longer consider the question of their participation in the project,” he added. Previously, the newspaper “Kommersant” wrote that Polonkoev was a partner Suleiman Kerimov. The son said Kerimov controls “pole”. On Thursday, representative Palankova not responded for a request to RBC.
the Ministry will “monitor the progress of project implementation at all stages to ensure that all licensing requirements and compliance with environmental legislation,” said don.
According to the head of the government Dmitry Medvedev in the auction can participate only companies in which not less than 25% owned by the government directly or through state corporations and Federal state unitary enterprise (FSUE). Both candidates complied with this requirement since attracted partners “rostekh” (“pole”) and VTB (Plancoet). “This auction took place largely through the “Rostec”, which helped convince the state that the Alliance Rostec and “Pole” will be structurally correct by the domestic shareholder in the project and experienced operator of a major gold projects at the same time”, — told RBC Director of metallurgy and mining Prosperity Capital Management Nicholas Sosnowski.
“We see many opportunities for synergies with our stable operating current assets: Irkutsk oblast is one of the key regions for “Pole”, and Sukhoy Log is located only 20 km from Verninskoe field”, — said the General Director “Poles” Pavel Grachev (his words are in the press release of the company). He also recalled that in the region of “pole” through the “Lenzoloto” actively developing placer deposits, and in 2015, there was completed the construction of transmission lines (transmission lines).
Polyus expects that the results of the auction will be officially announced before the end of February, and the issuance of the license will take up to three months or more, says the company. After obtaining a license, “CL Gold” intends to conduct additional exploration work and to prepare a feasibility study (FS), which will require about three to four years, said the “Rostec”. It is planned to attract international industry and engineering consultants.
However, the Ministry of natural resources a more optimistic Outlook on completion of all formalities. Draft Directive on the right to use the Deposit Sukhoi Log will be sent to the government by the end of the week, that is until Friday, January 27, explained to journalists don. The license shall be granted to the winner “in a short time” after the Executive order, he added.
According to the Ministry of natural resources, development of the Sukhoy Log Deposit would require a capital expenditure in the amount of $ 90-100 billion roubles ($ 1.5–1.7 billion at the exchange rate). Development of this field may require a much longer — at least $ 4 billion with the creation of the necessary infrastructure for the project, objected to the head of the Union of gold Sergei Kashuba. “The cost of development is enormous, but for the “Pole” they are quite bearable, although risks still remain,” — said RBC Kashuba. “We have always stood for the start of the development of this latest stash of the USSR”, — he added. Free cash flow “Pole” at the end of the third quarter of 2016 (for all of 2016, the company has not yet reported) was $ 664 million, increasing by 1.8 times.
“of Course, we expect significant investment, there are already preliminary agreements. We want the enterprise was registered in the Irkutsk region, because our priority is the growth of tax revenues,” said RBC Hooks, without revealing exact figures.
$ 141 million over five years
“Polyus”, which owns 51% of “NEXT Gold,” will increase the share in the project to 74.9%, reported the press service of “Pole” and “Rostec” (49%) a few hours after winning the SP at the auction. Over 23.9% in the project, the mining company will pay $ 141 million as a result of “Rostec” will remain only 25.1%.
In the framework of the agreement the funds will be paid to “the Corporation” parts for five years should be the message of the Corporation. But “Poles” will be entitled to accelerate the process of acquisition, specified in it.
“NEXT Gold” with a share capital of 10 thousand rubles., was established just six months before the auction — in July 2016, specifically to participate in these auctions (in her name the letters “SL” from “a Dry Log”). Shortly before the General Director “Poles” Pavel Grachev told Vedomosti that the joint venture with Rostec — the only way to ensure the requirement of state participation in the project: in the auction could take part company with the state share or state-owned companies at least 25%.
CEO of “Rostec” Sergey Chemezov at the end of December 2016, said that the Corporation plans to reduce its stake in the project up to a blocking stake. “We think that 25% [of shares "CL Gold"] sell “Pole”, we have them in the agreement it is written on the condition of the option”, — he said at the time. He also said that the Corporation can exercise the put option at the time of construction. The value of the share Chemezov has not specified, but noted that it should be a “cash market transaction”. The amount Polyus agreed to pay for 23.9% of the “CL Gold” ($ 141 million), almost equal to the payment for the license of RUB 9.4 billion, or $ is 158.9 million at the exchange rate on January 26.
the representative of the “Pole” declined to specify RBC why initially the “pole” is not received in a joint venture the larger the package, giving the Corporation almost half of projects (49%). For example, in “Gold Bodaibo” Palankova 58%, and structures VTB — 42%.
the Sukhoi Log Deposit was discovered in 1961 in the bodaybinskiy district of Irkutsk region. The share of deposits in total gold reserves of the country is 28%. According to the state balance of mineral reserves, January 1, 2016 estimated resources of the Dry Ravine was 1.7 tons of gold and 1.5 tons of silver.
the First field operator — the company “Lenzoloto” with an Australian shareholder who received it in the early 1990-ies, — disrupted timing of development and in 1998, was disbarred. The statements about the new auction for the sale of rights to the field since sounded almost every year, but further words business did not go.
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