Russia launches repeat auction of stake it seized in gold miner UGC

Mining.com2026/06/02 14:39

By:Mining.com

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Russia on Tuesday launched an auction for the sale of a 67.2% stake in gold producer Uzhuralzoloto, which the state confiscated from a businessman last year, the state property agency Rosimushchestvo said.

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It said it would accept bids until June 9, with the results due to be announced on June 10.

Russia last month failed for a second time to auction the stake after only one bidder submitted a complete application and paid the deposit, while a second contender failed to pay the deposit and provide the required documents.

The government is keen to sell the stake to ease budget pressures.

(By Anastasia Lyrchikova and Alessandra Prentice; Editing by Andrew Osborn)

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