Russia sold Ukrainian gold deposit in occupied Luhansk Oblast

Russia is selling off natural resources in the occupied territories of Ukraine through state auctions, with one of the largest such sales being the Bobrikivske gold ore deposit in Luhansk Oblast.

Source: Reuters, citing auction documents it reviewed

Details: The right to develop the deposit for US$9.7 million was given to the company Alchevskpromhrup, which, according to the documents, is controlled by Russian mining company Polyanka. According to auction data, the reserves of the Bobrikivske deposit amount to approximately 1.64 tonnes of gold, which at current spot prices could be worth nearly US$260 million.

Prior to 2014, the site was being developed by Australian company Korab Resources; however, following the seizure of the territory by Russia-backed forces, the company lost access to the asset and wrote off the project.

Korab executive chairman Andrej Karpinski, commenting on satellite images of the deposit, told Reuters that work had likely already begun at the site: the images show vehicle tracks, what appears to be an excavator in a quarry and cargo containers near a spoil heap.

Reuters estimates that, in total, Moscow is putting dozens of assets in the occupied territories up for online auction – from mines and quarries to agricultural land.

Background: In June 2025, the Russians seized the village of Shevchenko in Donetsk Oblast, near which lies a lithium ore deposit with one of the largest reserves in Eastern Europe.

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