At the auction, which was held in the Primorsky Territory, as the chief of the lot offered, «The Forgotten» tin-tungsten deposit. Subsurface Management Administration put up for auction the right to exploration and production of tin and tungsten. Starting price was 36.1 million rubles, eventually the field went under the hammer for 39.71 million rubles. The winning bidder was the company «Primorvolfram», which is a subsidiary of Joint Stock Company «Tungsten».
CJSC «Wolfram», Moscow, owns several metallurgical plants, where it holds a certain percentage of shares. «Refractory Metals Plant» — 100 percent; JSC «Gidrometallurg» (Nalchik hydrometallurgical plant) — 56.72 percent; JSC «win» — more than 25 percent. In addition it owns several mining companies, and its share is above «Wolfram» of companies: Closed Joint Stock Company «Buryat Tungsten» and 70% in OAO «Kabardino-Balkarian tungsten-molybdenum company's» 37.5%. The latter company has a license to Tyrnyauz, the largest deposit of molybdenum and tungsten, located in Russia. And while there is no denying the fact that the «Tungsten» is experiencing significant shortages of raw materials. The reason Valery Ryabov, Deputy Director General, points out that at the present time is not carried out on the development Tyrnyauz field.
It is not a secret that in 2012, «Wolfram» received government permission to impose export duties of 10% on tungsten concentrate. And just as it is no secret that the move was an attempt to kind of pressure on the company «Primorsky GOK» in order to force it to install the intrinsic value of tungsten concentrate is lower than on the London Stock Exchange.
Experts estimate the amount of metal in the «forgotten» of 750 tons of tin and 11.3 thousand tons of tungsten. Licensing agreements involves the exploration and estimation of reserves, which are obliged to make the owner of the license within the next two years. In addition, the owner is obliged to carry out the final work for the organization of the start of production.
The conditions put forward auction, is expected to begin construction work on the field «forgotten» no later than 42 months from the date of obtaining the license. Proceed to the same operation is calculated after 6 years. The costs allocated to the development of the field, are estimated at 1 billion rubles.