In a move poised to attract international attention to Russia’s vast natural resources, the Department for Subsoil Use in the Far Eastern Federal District has scheduled an auction for March 2026, offering rights to develop a placer gold deposit situated in the remote northern reaches of the Kamchatka Krai. This initiative underscores Moscow’s ongoing efforts to stimulate economic activity and resource extraction in its strategically important Far East region.
The coveted mineral plot, spanning 8.3 square kilometers, is nestled within the administrative boundaries of the Penzhinsky District. Its location within the pristine basin of the Perspekntivny stream, a left tributary of the Kichichma River, highlights the challenging yet potentially rewarding nature of resource development in this rugged Arctic-adjacent territory.
The upcoming auction will commence with a starting price set at 21.8 million Russian rubles, with an auction step of 2.1 million rubles. The successful bidder will secure exclusive subsoil use rights for a period of ten years. According to state balance sheets as of January 1, 2025, the site holds an estimated 266 kilograms of gold in the C1 category, indicating well-explored and quantified reserves ready for extraction.
The history of attempts to develop this gold-rich territory stretches back several decades, painting a picture of both promise and persistent challenges for resource developers in remote Russian regions. In 1993, the company ‘Koryakgeoldobycha’ acquired the initial license for the site. Despite active operations in 1998 and 1999, yielding 54 kilograms of gold, the venture proved economically unviable, leading to the early termination of their rights in 2002.
A decade later, in 2011, the license was transferred to ‘Almaztransstroy LLC’. However, for the entirety of its ten-year tenure, the new owner failed to initiate any actual gold extraction operations. The license eventually expired in 2021, marking another chapter of unfulfilled potential for the deposit and bringing it back to the state’s portfolio for renewed bidding.
This renewed offering comes five years after Russia’s Ministry of Natural Resources imposed a temporary moratorium on subsoil distribution, including restrictions on license issuance, across the southern and central districts of the Kamchatka Krai. This earlier measure was implemented to bolster ecological safety within the region. The current auction, located in the northern sector, suggests a strategic approach by the Russian government to balance resource development with environmental stewardship, carefully selecting areas deemed suitable for renewed extractive activities.