Russia launches repeat auction of stake it seized in gold miner UGC

Russia on Tuesday launched an auction for the sale of a 67.2% stake in gold producer Uzhuralzoloto, which the state confiscated from a businessman last year, the state property agency Rosimushchestvo said.

It said it would accept bids until June 9, with the results due to be announced on June 10.

Russia last month failed for a second time to auction the stake after only one bidder submitted a complete application and paid the deposit, while a second contender failed to pay the deposit and provide the required documents.

The government is keen to sell the stake to ease budget pressures.

(By Anastasia Lyrchikova and Alessandra Prentice; Editing by Andrew Osborn)