Russia's planned disposal of a controlling interest in the gold producer Uzhuralzoloto, taken from businessman Konstantin Strukov, did not draw any bids and the sale was subsequently declared invalid, the state auction portal reported on Monday.
The federal property management agency Rosimushchestvo had placed a valuation of 140.43 billion roubles on Strukov's 67.2% holding in Uzhuralzoloto. That valuation formed the bulk of a total asset package that Rosimushchestvo listed at 162.02 billion roubles, a figure the state website also published alongside the sale notice.
According to the auction website, the sale process was terminated after the deadline for applications passed with no submissions. The site confirmed the formal outcome by recording the sale as invalid because there were no applicants by the cut-off.
The majority stake in Uzhuralzoloto was the subject of a July court ruling that ordered the transfer of the holding into state ownership. The transfer and the subsequent attempt to auction the stake follow a pattern of asset nationalizations that have affected a number of Russian companies, according to the materials accompanying the auction listing.
Uzhuralzoloto is listed among the country's top 10 gold mining firms. The combination of the court decision, the state valuation and the failed auction are the concrete actions documented in the public auction record and the related state announcements.
Beyond the end result of the auction, the publicly posted information shows the mechanics the state used to value and advertise the asset package, the formal declaration of invalidity after the absence of bidders, and the legal backdrop provided by the July court ruling. The record does not provide further detail on why potential purchasers did not submit applications or on any next steps planned by Rosimushchestvo.
Summary of facts documented:
- The 67.2% stake in Uzhuralzoloto seized from Konstantin Strukov was valued at 140.43 billion roubles.
- The total asset package was listed at 162.02 billion roubles, equal to $2.22 billion as stated in the auction materials.
- The auction was declared invalid because no applications arrived by the submission deadline.
- A July court ruling ordered the transfer of the majority stake into state ownership.
- Uzhuralzoloto is ranked among Russia's top 10 gold miners.