Agency of Natural Resources has auctioned mining license for extraction of ferrous, noble, precious metals and barite for GEL 93.5 million (about USD 56 million), the agency at the Ministry of Energy and Natural Resources said on October 3.

Caucasian Mining Group has won the auction for 30-year mining license in which the starting price was GEL 30 million and the only competitor was Anglo Georgia Mining Company.

Caucasian Mining Group was registered in Georgia on August 30, 2011 and is a subsidiary of a Cyprus-registered Pamtilon Holdings Limited, which was registered on June 6, 2011.

Mining license involves gold, barite, copper, polymetallic ore deposits in Bolnisi, Marneuli, Dmanisi, Tsalka and Tetritskaro municipalities.

According to the Agency of Natural Resources GEL 93.5 million is a record-high amount to be paid for a mining license in Georgia. Caucasian Mining Group has to pay the amount within two months.