Is Korab Resources Ltd selling gold stolen from Ukraine?

Around the Bobrykivka gold-sulfide ore deposit in the Luhansk region, which has been located on occupied territory for already ten years, strange movements have begun – the occupation authorities announced their intention to sell the rights to its use at auction.

The oddity is that the development rights for the deposit belong to LLC "Donetsk Ridge" (permit No. 2730 from the State Service of Geology and Mineral Resources of Ukraine in 2002), which through the Australian Lugansk Gold PTY LTD belongs to the Australian Korab Resources Ltd, which is engaged in the development of gold deposits all over the world. After the territory where the deposit is located was occupied in 2014, Korab Resources Ltd did not report any problems with mining or renunciation of the right to development. However, as follows from the order of the head of the State Service of Geology Roman Opimakh about the continuation of the special permit No. 2750 under number 517 from November 7, 2024, the validity of this special permit was still terminated. Moreover, on the basis of the law on countering the financing of terrorism.

What exactly the developers of the Bobrykivka gold deposit were accused of is unknown, but given that it has been located on uncontrolled territory for more than ten years, it’s not hard to guess. But then the validity of the special permit was still extended, leading to the conclusion that the charges were dropped.

However, attempts to figure things out raise even more questions with no answers. Firstly, LLC "Donetsk Ridge," which had its special permit extended, does not respond to direct inquiries in any way. Secondly, there were changes in the ownership structure of the company, which oddly coincide with the decisions of the occupation authorities to hold an auction for selling the development rights of the deposit. Since October, the owner of LLC "Donetsk Ridge" has become the Australian Lugansk Gold PTY LTD, replacing the Australian Lugansk Gold LTD.

In essence, this is the same company that previously bore the name Wildfields Mining Limited.

Still, what’s the difference – is unclear: both are properties of the Australian Korab Resources Ltd, which, in fact, is developing the Bobrykivka deposit. At least, this is reported on its website.

Additionally, from the report of Korab Resources Ltd, it follows that initially 26% of LLC "Donetsk Ridge" belonged to "Ukrainian investors", but it was not possible to find the names of these people.

However, knowing the history of the Donetsk region, one can guess that these are not ordinary street people, but representatives of the local elites.

Against this background, it seems interesting that the Russian occupation authorities and their local puppets decided to hold an auction for the transfer of rights to develop the Bobrykivka deposit only in 2024.

Another interesting coincidence – the financial activity report of Korab Resources Ltd for the 2023-24 years, from which it follows that they were unprofitable for it.

More specifically, the Bobrykivka deposit was listed among those being developed:

And suddenly several events happen simultaneously: the State Service of Geology extends the special permit for the development of the Bobrykivka deposit for LLC "Donetsk Ridge"; there is a change in the founder of LLC "Donetsk Ridge," although upon checking in fact nothing changes; the beneficiary of LLC "Donetsk Ridge," Australian Korab Resources Ltd, incurs losses; the occupiers, after ten years of silence about the Bobrykovske deposit, suddenly decide to sell it at auction.

Moreover, the figures in the management of LLC "Donetsk Ridge" raise more questions. Along with the changes in the beneficiaries of this company, changes also occurred in its management: Mr. Dmytro Rille was replaced by Serhiy Antonenko. The first is the director of LLC "Valevit," registered in temporarily occupied territory and very reminiscent of a one-day firm.

The second strongly resembles a "dummy," as Mr. Antonenko is registered for more than a dozen different firms:

And these two figures intersect in LLC "Rial-Volyn," where they are co-owners.

Interestingly, LLC "Rial-Volyn" in 2015 lost its subsurface rights in the Zhytomyr region, granted to it in 2012 under No. 5545, following a prosecutor’s claim.

Another interesting aspect in this whole affair – some publications write that Russians stand behind the Australian Korab Resources Ltd. Direct confirmation of this fact could not be found – the list of its shareholders is hidden behind a chain of similar joint-stock companies. But what could be found in open sources raises many questions. The most obvious among them – why Korab Resources Ltd for ten years did not comment on what is happening at its mine in the Luhansk region, and why the occupation authorities did not seize the gold mine with good reserves, judging by the reports, from the Australians during those ten years. And why did all this suddenly start moving in the fall of 2024?

There is no answer to these questions, but this clearly murky story very much resembles the trade of gold stolen from Ukraine, on an industrial scale.

P.S. In response to a request from the editorial team of “ANTIKOR,” representatives of Korab Resources Ltd stated that they had lodged a protest against this transaction with the Russian embassy in Australia (apparently).

However, there is no information on the company’s website about this appeal or any attempts to contest this transaction in courts of any level.

Furthermore, the editorial request from “ANTIKOR” to provide information or a document (for example, a screenshot) of this appeal to the Russian embassy went unanswered.

Additionally, there is no information on the Korab Resources Ltd website about Russia’s criminal actions, unlawful seizure of their assets in occupied territories, or any condemnation of these actions.