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IRC plans to withdraw Kimkano-Sutarsky GOK in full capacity in 2018g - EastRussia | Far East






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IRC plans to withdraw Kimkano-Sutarsky GOK in full capacity in 2018g

IRC Group (35,83% belongs to the Petropavlovsk alliance, 23,2% from the Chinese General Nice) this year intends to withdraw Kimkano-Sutarsky GOK in the Jewish Autonomy to full capacity of 3,2 million tons of iron ore concentrate per year, and to start increasing capacity to 4,5 million tons in year, the press service of Minvostokrazvitiya reported referring to Danila Kotlyarova, the chief executive of OOO Petropavlovsk-Ferrous Metallurgy (IRC Ltd). Private investment in the project launched in 2016 already exceeded 29 billion rubles, it is approved for inclusion in the state program for the development of the Far East and the Baikal region.

"The enterprise operates at a power of the order of 75% of the total. We plan to reach full capacity by the end of the year. Currently, there is a debugging of production. The output of such a large enterprise at its designed capacity does not occur simultaneously, especially given the problems inherited from the Chinese contractor. Nevertheless, progress is evident, in January of last year we produced about 60 thousand tons of high-quality iron ore concentrate, and went out almost to 200 thousand tons monthly, "the press service of Mr. Kotlyarov said. He said that the company plans to apply to banks and investors for the funds to increase the capacity of GOK by 40%, to 4,5 million tons of concentrate per year.

The ministry notes that the company has been drawing financial resources for the implementation of the project during the offering of shares on the stock exchange in Hong Kong, as well as from the Industrial and Commercial Bank of China (ICBC, China's Commercial and Industrial Bank). The contractor was China National Electric Engineering Company (CNEEC).