Russia sells shares in top gold mining company for $1.3 billion, deal price below expectations

Golden Ten Data reported on June 19 that Russia has sold a stake in a leading gold mining company that was confiscated from a billionaire last year; despite multiple attempts to sell in the past, the final sale price was only about half of the original expected price. According to a report from Russia’s TASS news agency citing the auction announcement on Friday, Moscow-based BTS-Most Holding won the "Dutch auction" with a bid of 93 billion rubles (approximately $1.3 billion), acquiring a 67.2% stake in Yuzhuralzoloto PJSC and its affiliated companies. A "Dutch auction" is a sales method where the seller gradually lowers the asking price until a buyer agrees to purchase the asset.