JSC Madneuli (ore mining and processing enterprise) has acquired license for mining on Lukhuni arsenic deposit (Ambrolauri district of Racha-Lechkhumi region). The JSC appeared as single participant of the auction, held today in the Ministry of Environment Protection and Natural Resources.
Madneuli paid $148,500 for the license, while staring price was $135,000. The sum should be covered within 6 months.
JSC Madneuli was privatized in December 2005 by Stanton Equities Corporation, member of Russian Industrial Investors group.
According to the Ministry, duration of license covers 25 years. During this period 1.4 t of gold, 9,534 t of arsenic and 39,500 t of antimonite can be produced.
It should be noted, that this is the third auction, which was held in the framework of “Invest If Fossils” program of the Ministry of Natural Resources and Environment Protection. The program includes 14 objects in total.
