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Russia discovers new deposit with over 200 tons of gold
February 21, 2013, 1:02 pm

[Getty Images]

[Getty Images]

A new gold deposit has been discovered in Russia that might hold over 200 metric tons of gold.

The discovery was made in Russia’s Siberian republic of Yakutia, the region’s economics ministry said on Thursday.

Research work was conducted in the area with the support of the federal budget.

The deposit has been registered with the Federal Agency for Subsoil Usage.

It will be auctioned shortly after its value is determined.

In 2012 the volume of gold extraction in Yakutia grew by 9.6 per cent and reached 21.2 tons.

The area boasts vast gold and diamond reserves but is characterised by extremely harsh working conditions.

The discovery of gold at several places along the Lena River stimulated development in the area.

The area’s industrial base has grown since the beginning of the 20th century, particularly in gold mining.

In the late 1950s, diamonds also became a prominent source of the region’s wealth.

Daria Chernyshova

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