UMMC Investing 1 Billion Roubles Into Development Of Shemurskoye Deposit

27.02.2010 — News

THE SVERDLOVSK OBLAST.

OAO "Ural Mining and Metallurgical Company" is investing about a billion roubles into the development of the Shemurskoye copper ore deposit. First shipments of ore to OJSC "Svyatogor" (a part of UMMC) will start in the summer 2010.  

Andrey Kozitsyn, the Director General of UMMC told RusBusinessNews that the global markets have perked up, prices for copper are up, and the volumes of ready products sales have restored. This enables the company to invest money into further development of its production capacities.

The development of the Shemurskoye deposit, a part of the North deposits in the Sverdlovsk Oblast, will enable the company to ship 800 thousand to a million tons of ore to OJSC "Svyatogor" annually. The deposit's reserves should last about 20 years.