Russia auctions off gold deposit in occupied Luhansk, Reuters reports
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Russia is auctioning off natural resource assets in occupied Ukrainian territories, including a gold deposit in Luhansk Oblast, Reuters reported on March 26, citing auction documents.
The rights to develop the Bobrykivske gold ore deposit were sold for $9.7 million to a company controlled by Russian mining firm Polyanka.
According to auction data, the deposit contains an estimated 1.64 metric tons of gold, which at current market prices could be worth nearly $260 million.
Before Russia seized Crimea and began its war in eastern Ukraine in 2014, the site was being developed by Australian company Korab Resources.
Reuters reported that Moscow is putting dozens of assets in occupied territories up for online auction, including mines, quarries, and agricultural land.
The report comes amid broader efforts by Russia to exploit natural resources in occupied Ukraine, including a large lithium deposit in Donetsk Oblast near the village of Shevchenko, which Russian forces captured in June 2025.
According to the Ukrainian Geological Survey, the Shevchenkivske deposit covers nearly 40 hectares (98 acres) on the eastern outskirts of Shevchenko. Exact data on the Shevchenkivske deposit's lithium reserves are classified, but it's considered one of the most promising.
The deposit's main reserves consist of lithium ores, but it also contains other rare elements such as rubidium, cesium, tantalum, niobium, beryllium, and tin.
Ukraine is home to 20 of the world's critical minerals and metals like titanium used in the aerospace and defense industries and lithium, an essential component of electric vehicle batteries.
