Russia's federal agency for natural resource use (Rosnedra) has announced that an auction will be held on April 27, 2010 for the right to develop iron ore on the Petrovsk site in the Yurgamyshsky district of Russia's Kurgan region.
The aim of the auction will be to determine a mineral resources' user with the necessary financial and technical funds for prospecting, exploration and mining of iron ore on the Petrovsk site. The winner of the auction will be granted with a license for 25 years.
The Petrovsk site's iron ore prognostic resources of P1 and P2 category have been estimated at 320 million mt and 110 million mt respectively.
The fee for participation in the auction is Ruble 33,705 ($1,124), while initial payment has been fixed at Ruble 89 million (about $2.97 million). Applications for registration are accepted before March 26, 2010.