The history of gold mining in the Vitim-Olekminsk region began in 1844, although some sources claim that the Leninsk gold-bearing area started developing in 1846. It was then, thanks to the financing of Irkutsk merchant Konstantin Trapeznikov and state councilor Kosma Repinsky, that alluvial gold deposits were discovered in the upper reaches of the Khomolkho River. In the surveying of the first mines, Spassky and Voznesensky, participated Olekminsk peasant Pyotr Korinov and Tyumen merchant Nikolai Okulovsky, who also dealt with the registration of applications at the Olekminsk police department.

Over time, the rich sands of the region began to deplete, and gold mining became unprofitable for individuals. They were replaced by merchants with new technologies. In 1861, the first horse-drawn railway appeared at the mines, and in 1865, a narrow-gauge railway. By 1896, the first hydroelectric power station with a capacity of 300 kW was built, from which a 10 kV power line was laid. In the summer of 1898, the first telephones were installed at the Lena mines, and the first electrified railway in Russia was launched along the Nygry River. Thanks to modern technologies, the Bodaybo mines became some of the best in the world, although high costs required significant working capital, and mine owners did not make profits, accumulating debts.

In 1906, negotiations began with the Anglo-Russian joint-stock company 'Russian Mining Corporation,' culminating on June 11, 1908, in the creation of the financial society 'Lena Goldfields Co., Ltd.' The chairman of the board became former Minister of Trade and Industry V. I. Timiryazev, and the vice-chairman, Lord Harris. Among the board members were F. U. Baker, G. D. Boyle, R. J. Freshville, and M. Kempner.

With financial support from the State Bank and 'Lena Goldfields,' by 1910 'Lenzoto' became a monopoly in the Lena gold mining region, controlling extraction, transportation, and trade. It owned 431 mines with a total area of 42,609 hectares and ranked first in Russia in gold production, significantly ahead of other enterprises. In 1908 and 1916, 'Lenzoto' extracted between 8 to 16 tons of gold annually, accounting for 43 to 60% of the total Siberian gold production.