The auction for the Vyiskoye iron ore deposit in the Sverdlovsk region was called off because there were no bidders, a source at the natural resources agency for the Ural Federal District told Interfax.

The auction, originally scheduled for March 15, had been postponed until March 29 to allow more time for potential bidders to step forward. The deadline for applications to participate in the auction was moved back to March 6, as no applications had been submitted by the original deadline of February 6.

The starting price for the 20-year license is 1 million rubles.

The Vyiskoye deposit has C1 and C2 reserves of respectively 4.532 million tonnes and 349,000 tonnes of iron ore.