The Russian Government has announced plans to auction off the country`s biggest coal deposit before the end of the March quarter.

The auction for the Elga deposit in Siberia is ready to begin any time now and has already attracted the interest of Japanese trading houses Sumitomo Corp and Sojitz Corp, said Bloomberg.

The head of Russia`s Federal Property Management Agency, Valery Nazarov, said: “Everything, including the valuation, is ready…the auction will take place in the first quarter,” said Reuters, citing a statement on the Agency`s website.

The Elga deposit is currently 39.4%-owned by the regional government in Sakha and 30%-owned by train monopoly OAO Russian Railways. Sakha also plans to sell its 75% stake in the smaller Yakut field, it added.

Both Sumitomo and Sojitz have said they will bid for the deposit, said Reuters, although the starting prices have yet to be announced.

Posted: 01|23|07 at 6:19 pm. Filed under: Auction News.