Russia’s auction of its giant Sukhoi Log gold field this week pits a long-time ally of President Vladimir Putin against a rival bidder with little background in mining.
The resource in the isolated Irkutsk region of Siberia is one of the world’s largest untapped gold fields, making up a quarter of Russian reserves. It has held an allure for miners since Soviet geologists surveyed it in the 1970s. Yet BCS Global Markets strategist Kirill Chuyko and Societe Generale SA analyst Sergey Donskoy say one bidder is an overwhelming favorite to win the sale.
