Severstal wins licence for South Korpangsky iron ore deposit |
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Published
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Wed, 17 Oct 2007 10:34
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MOSCOW (Thomson Financial) - OAO Severstal said it has won an exploration and production licence at auction for the South Korpangsky area of the Korpangskoye iron ore deposit.The company did not say how much it paid for the licence, which is good for 20 years and can also be extended beyond that date.Severstal's Karelsky Okatysh mining business plans to begin development of the western area of the deposit, with estimated reserves of 15 mln tonnes of ore, by 2010.Anticipated annual production of ore from this area is expected to reach 2-2.5 mln tonnes per year.alfred.kueppers@thomson.comamk/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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