2011.06.27 | Russia’s Mechel obtains Pionerskoye iron ore license in YakutiaRussian mining and metals giant Mechel has obtained a license at an auction to explore and develop the Pionerskoye iron ore deposit in the constituent republic of Sakha (Yakutia), the company said Tuesday.
The license was granted to Mechel subsidiary Yakutugol, which offered 330 million rubles for the license at the auction.
As of January 1, the Pionerskoye reserves amounted to over 137 million tonnes of iron ore. Prospective additional reserves are estimated at 750 million tonnes of ore.
Mechel comprises producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel. Mechel’s products are marketed both domestically and internationally.
(28.1783 rubles – U.S. $1)
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