Document:

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                                                                   Exhibit 10.77

                         EXTRACT FROM THE MINUTES NO. 14
             of the Meeting of the Territorial Forest Use Commission
                            dated September 15, 2000

                                                                      Khabarovsk

3. Considered: Results of timber lease tender.
Resolved:

3.4. To permit JSC "Forest-Starma" to participate in tender of timber lease in
Kerbinskiy leskhoz.

3.4.1. In accordance with conditions of timber lease tender for Kerbinskiy
leskhoz to consider JSC "Forest-Starma" the winner in accordance with attachment
No. 12 to this minutes.

3.4.2. To give JSC "Forest-Starma" for lease a forest area for felling timber
for the period up to 25 years in 3 group forests of Kerbinskiy leskhoz, Polina
Osipenko area, compartments No. 153,154,163,166-182, 184-191, 194-200, 204-210,
215-222, 224, 227-232, 244-247, 254-258, 263, 265-269, 286-289, 292-300,
303-305, 312-315, 323-344, 410, 364-401, 439-444, 472-511, 536-539, 944, 945,
948 of Herpuchinskiy forestry at area of 194,3 thousand hectares with an
exploitable inventory of mature and over-mature trees of 13324 thousand cubic
meters with an annual timber output of 180 thousand cubic meters.

3.4.3. Kerbinskiy leskhoz will:

- transfer forest area for the use in accordance with the act;
- determine as agreed with JSC "Forest-Starma" specific compartments of
  contiguous areas to the leased areas regarding suppression of forest fires by
  the lessee in case they occur;
- sign with JSC "Forest-Starma" a timber lease agreement and register it in
  legal agencies in accordance with the procedure;
- develop annual volumes of forest regeneration activities for the lessee taking
  into account actual felling and availability of areas free from forests at the
  leased area.

3.4.4. The lessee is liable:

- To annually provide the citizens of Herpuchi village and Oglonghi village with
  firewood for prices approved by the administration of area.
- To purchase three PCs for the school at Polina Osipenko village within the
  year of 2000.
- To follow the requirements of fire security regulation in the forests, felling
  rules and other normative documents concerning forestry felling system.
- To take necessary measures for complete and rational use of all available
  exploitable timber inventory including broadleaved species.

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- To develop a project of organization of principal felling and forestry at the
  leased territory within one year, carry out an ecological expertise and
  approve it in accordance with the procedure.
- To fulfill forest regeneration, fire-prevention, forestry and other kind of
  work in accordance with conditions of Timber Lease Agreement and annually
  fixed volumes.
- To organize places of concentration of fire-prevention equipment and
  fire-fighting tools at the forest site in accordance with the regulations,
  and a fire-fighting team consisted of twelve company's workers.
- To participate in social and economic development of Polina Osipenko area in
  accordance with the agreement signed by the administration of the area.
- To participate in development of fire-damaged forests and forest regeneration
  within the forest areas damaged by the fires.
- To provide a portion of timber processing or its delivery for the processing
  in volume of no less than 30 per cent until the end of 2001 and no less than
  50 per cent from the beginning of 2002.
- To construct logging roads in accordance with the standards and participate in
  development of infrastructure of lumber industry unit.

Deputy Chairman of the Commission
Director of Natural Resources and Raw Materials
Industry Department of the
Khabarovsk Territorial Administration      /s/ G.E. Pocherevin   G.E. Pocherevin

Secretary of the Commission
Head of Department of organization
Of forest use of Forest Administration
Khabarovsk Territory                       /s/ V.N. Nistratov    V.N. Nistratov

                                       2<PAGE>

                                                                   Exhibit 10.78

                         EXTRACT FROM THE MINUTES NO. 14
                   Of the Meeting of the Forest Use Commission
                            Dated September 15, 2000

                                                                      Khabarovsk

4. Considered: About lessees's applications concerning discrepancy between the
leased exploitable timber inventory and available exploitable inventory at the
given area. Resolved:

4.1. To agree with the proposals of Forest Administration of Khabarovsk
territory to reduce the volume of annual timber output at a number of the leased
areas basing on calculations of the Far East State Forest Agency as well as to
obtain more specific information of condition of forest areas as a result of
changes after forest fires of 1998. To provide continuity and inexhaustibility
of forest use:

4.2. To reduce the annual timber output at the territory leased by JSC
"Forest-Starma" in Tumninskiy leskhoz by 161 thousand cubic meters having fixed
it in volume of 154 thousand cubic meters including:
- 1 group forests - 21 thousand cubic meters;
- 3 group forests - 133 thousand cubic meters.

To consider as voided the resolution of the territorial forest use commission
dated November 5, 1997 (Minutes No. 25) concerning volume of the annual timber
output at the forest areas leased by JSC "Forest-Starma" in Tumninskiy leskhoz.

To reduce the annual timber output at the territory leased by JSC
"Forest-Starma" in Vysokocornyio leskhoz by 77 thousand cubic meters having
fixed it in the volume of 163 thousand cubic meters.

To consider as voided the resolution of the territorial forest use commission
dated November 5, 1997 (Minutes No, 25) concerning volume of the annual timber
output at the forest areas leased by "Forest-Starma" in Vysokogorniy leskhoz.

4.6. The lessees and leskhozes mentioned in points 4.2-4.5 of this resolution
will include the respective amendments in the lease agreements and register them
in legal agencies in accordance with the procedure.

Deputy Chairman of the Commission
Director of Natural Resources And Raw Materials
Industry Department of the
Khabarovsk Territory Administration     /s/ G. E. Pocherevin     G.E. Pocherevin

Secretary of the Commission             /s/ V.N. Nistratov       V.N. Nistratov<PAGE>

                                                                   Exhibit 10.79

                         EXTRACT FROM THE MINUTES NO. 6
             Of the Meeting of the Territorial Forest Use Commission
                               Dated July 13, 2001

II. Considered: About transfer of the forest area in Vysokogorniy leskhoz,
Vanino area for lease on a tender basis. Resolved: 1. One candidate meets the
requirements of tender.

     2.   Basing on the documents presented by the candidates, verification of
          their correspondence to the tender's conditions to consider JSC
          "Forest-Starma" as the winner of tender.

     3.   To give JSC "Forest-Starma for lease the forest area in Vysokogrniy
          leskhoz for timber felling on a tender basis in accordance with
          attachment No. 2 to this minutes.

     4.   Taking into account forest areas given earlier (Minutes No. 25 dated
          November 5, 1997) to consider:

     4.1. The territory leased by JSC "Forest-Starma" in 3 Group forests of
          Vysokogorniy leskhoz consisted of compartments No. 6-16,20-22, 25-33,
          40-55, 66-72, 78-81, 88-91, 98-100, 106-109, 112-115, 122-131,
          135-145, 154-164, 176-185, 189-194, 211-216, 231-233, 249-252, 271,
          272, 317-453, 459-472, 479-492, 501-505, 512-516, 526-539, 539-542,
          544-547, 549-552, 554-557, 559-561 of Verhne-Tumninskiy forestry; No.
          11-13, 18, 19, 25-28, 33-35, 43-46, 50, 57-61, 66-68, 76-83, 87-90,
          94, 97-100, 102-105, 108-116, 118-123, 126, 133-136 of Kenadskiy
          forestry at the total area of 317,9 thousand hectares with exploitable
          inventory of mature and over-mature trees of 14605 thousand cubic
          meters for the lease period up to 49 years and with the annual timber
          output of 226 thousand cubic meters.

     4.2. To consider as voided the resolutions of the territorial forest use
          commission:
          -  dated November 5, 1997 (minutes No. 25) concerning fixing of
             bounds of the territory leased by JSC "Forest-Starma" in
             Vysokogorniy leskhoz;
          -  dated September 15, 2000 (Minutes No. 14) concerning fixing of
             volume of the annual timber output at the territory leased by JSC
             "Forest-Starma" in Vysokogorniy leskhoz.

     5.   Vysokogorniy leskhoz will:
          - transfer the forest area under the act of acceptance;
          - include as well as JSC "Forest-Starma" will amendments into the
            timber lease agreement (registered by Head of Administration
            of Vanino area on September 8, 1998);
          - consider liabilities of the lessee mentioned in attachment No. 2
            as significant conditions to be included into the timber lease
            agreement.

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     6.  The lessee will undertake to following obligations:
         -  to register amendments of the timber lease agreement in the
            territorial legal agency on the state registration of real estate
            and transactions with it;
         -  to take necessary measures for complete and rational use of all
            available exploitable inventory of timber including broadleaved
            species;
         -  to carry out forest regeneration, anti-fire, forestry and other
            kinds of activities in accordance with timber lease agreement and
            annually fixed volumes;
         -  to perform all terms of point 5.1 of the minutes No. 25 of the
            territorial forest use commission dated November 5, 1997.

      Deputy Chairman of the Commission
      Director of the Natural Resources and Raw Materials
      Department of the
      Khabarovsk Territory Administration   /s/ G.E. Pocherevin  G.E. Pocherevin

      Secretary of the Commission
      Head of Natural Resources Department
      For the Far East                     /s/ Yu.V.Grishuk      Yu.V. Grischuk

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