The government of Russia received two bids during the auction for the Sukhoi Log gold deposit in Russia, Reuters reported Dec. 28, citing Interfax.

The bids were from SL Gold and Zoloto Bodaibo, and the process has now closed. SL Gold is a joint venture between PJSC Polyus and Rostec Corp.

According to Kommersant, each bidder had to deposit an initial amount of 8.55 billion rubles.

Previously, Rostec CEO Sergei Chemezov said the Russian state-owned group will consider selling a 25% stake in the Sukhoi Log joint venture to partner Polyus.

The joint venture was established to exploit Sukhoi Log, which is believed to be one of the world's largest unexploited gold deposits.

As of Dec. 28, US$1 was equivalent to 60.48 Russian rubles.