UMMC is investing over 450 million rubles in the development of Volkovskoye deposit

12.09.2011 — News

SVERDLOVSK REGION.

The Ural Mining and Metallurgical Company will spend over 450 million rubles by the end of 2011 to mine the second phase of the Volkovskoye deposit in the Sverdlovsk region. Total investment in this project is estimated at one billion rubles.

This second phase will allow JSC Svyatogor (part of the UMMC group) to mine up to one million tons of mixed ore per year for fifteen years.

The Volkovskoye deposit of copper-iron-vanadium ore is thought to be the largest field in the Urals. It contains 150 million tons of reserves.

UMMC's press office told RusBusinessNews that the first phase of the deposit has already been mined out, and work began on the second phase in 2010. During a seven-month period this year Svyatogor mined 80,000 tons of mixed ore with an average copper content of 0.9%.