Russian steelmaker Severstal may invest up to $15 million in the Yakovlevsky mine in 2018, and will present a business plan for the asset by May 2018, CEO Alexander Shevelev said on November 2.
“Next year investment will amount to up to $15 million,” he said.
The company acquired full control over the mine two weeks ago, and now it is carrying out analysis and appraisal of the asset. Severstal sees investment in reconstruction and re-equipment of the mine at about $30 million, he said.
The mine is a valuable asset.
“This year, production at the field reached about 1 million tons per year, but we plan to raise it threefold or fourfold in the several coming years. We have ideas how to raise the capacity to 8-8.5 million tons a year,” he said.
The proved reserves of the Yakovleskoye iron ore field amount to about 9.6 billion tons of ore with the iron content of about 61%, so the ore does not need beneficiation. (Prime/Ukrainian metal)