Monday, October 24th 06:07 PM IST

Russia announces discovery of largest gold nugget

# Gold nugget  # Russia Far East  # Vostok  

Russia announced the discovery of the largest ever gold nugget in its history of gold mining in the Far East.

Golden nugget

MOSCOW(BullionStreet): Russia announced the discovery of the largest ever gold nugget in its history of gold mining in the Far East.

Gold nugget weighing 7 kg 650 g (16,87 lbs) was discovered by Vostok mining partnership at Irkindan deposit in Ayano-Maisky district of Russia's Khabarovsk region.

Soon, the nugget will become part of the collection of Russia's largest museum of gold and precious stones – the Diamond Fund.

The finding was tentatively evaluated at 12.7 million rubles ($424,000), officials said. The final cost of the nugget will be announced later.

The nugget looks pure and outwardly resembles a boxing glove.

The nugget was found by Alexander Starovoytov from the association of gold-miners "Vostok". Washing out a piece of soil, Alexander noticed something that was shining like gold. It really turned out to be a large piece of gold, without admixtures, of the 914th pureness. Its shape resembles a boxing glove.

The gold-miners took this finding as nature's present for the jubilee of their association – this year, "Vostok" turns 40. Thus, it was decided to name the nugget "40 years of the "Vostok" association".

At present, the association is holding talks with the State Depository for Precious Metals, which is going to buy the nugget for the Diamond Fund.

"The talks are not simple, for, because of the high demand for large pieces of pure natural gold, we can get much more for this nugget than its nominal price," the head of the "Vostok" association Gennady Malyshevskiy said.

"The price will be oriented on the London fixing ("fixing" is the level of prices for gold, which serves as an orienting point for the whole world). However, since the nugget is unique, it can be sold for a much higher price than "by the weight". Billionaires who collect golden nuggets can pay even three or four nominal prices for it. The State Depository for Precious Metals has promised to take our proposals into consideration."

The largest natural piece of gold among those which have been found recently in the world, was found in California. It weighted 3.1 kgs and was sold at an auction for $ 400,000.

As it has already been said, very soon, the nugget from the Khabarovsk region will become part of the vast collection of the Russian Diamond Fund. It is the world's largest collection of gold and precious stones, which can be compared only with the treasures of Persian shahs or of the British royal house.

The nugget resembles Mephistopheles's profile so strikingly that, at first, the miners who found it hardly believed that it was a natural phenomenon, not a creation of a human. However, a thorough expertise has proved that the nugget has no traces of any modification.

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