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Russia govt. to auction controlling stakes in Elgaugol, Yakutugol -1

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MOSCOW, August 17 (RIA Novosti) - The Russian Federal Property Agency said it would auction off controlling stakes in coal producers Elgaugol and Yakutugol October 5, with a starting price of 47.4 billion rubles ($1.8 billion).

The shares are currently owned by the government of the Republic of Yakutia, in Russia's Far East.

The shares are 68.86% in Elgaugol and 75% minus one share in Yakutugol, as well as a real estate complex.

The closing date for the submission of auction bids is October 1, 2007.

Yakutugol annually produces about 9 million metric tons of coal. Elgaugol holds a license to operate the Elga deposit, with proven reserves of 2.1 billion tons of coal, and plans to produce up to 30 million tons a year by 2020.

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