Major Gold Auctions Held in Russia's Far East and Siberia
Russia's gold rush accelerates with record-breaking mining auctions in 2024
March 31 — Russia's largest auction for gold mining rights this year took place in Magadan Oblast, where a plot along the right tributaries of the Burukanda River and the Perevalny Creek was sold. GDK Berelekh, a mining company, outbid four competitors in the 112th round, securing the license for 2.631 billion rubles—nearly 25 times the starting price of 108.7 million rubles. The site's total gold reserves are estimated at 1,320 kilograms, according to the press service of Magadan Oblast's Ministry of Natural Resources and Ecology.
In the Republic of Sakha (Yakutia), another auction concluded at the 102nd round for a gold deposit on Robky Creek, a left tributary of Zhilny Creek. The company Druzhba prevailed over four rivals, winning exploration and extraction rights for 38 million rubles. The site's proven (C1 category) gold reserves stand at 23 kilograms, with an additional 34,000 cubic meters of placer deposits. Russia's Federal Agency for Subsoil Use (Rosnedra) has recommended reassessing the reserves.
Two more gold auctions were held in the Republic of Buryatia for plots along Shaman Creek—one on its upper section, the other on its left tributary—with a combined winning bid of 24.2 million rubles. In Krasnoyarsk Krai, a gold deposit on the Tarbatka River was sold for 4.7 million rubles.
"Since the start of 2026, 21 auctions for solid mineral exploration and extraction have already been completed, generating 5.4 billion rubles for the federal budget," said Alexander Kozlov, Russia's Minister of Natural Resources and Ecology. "Currently, 176 mineral resource projects are in progress, with expected revenues of 12.6 billion rubles."
