The Ukrainian mining and steel producing company Metinvest Holding (Metinvest) has announced that it plans to invest UAH 5.1 billion ($235.6 million) in total for the development of Northern, Ingulets and Central Iron Ore Mining and Enrichment Works at 2014-2015 period. The funds will be directed into long-term projects and to upgrade the equipment of the enterprises.
Among the large-scale investment projects at Northern GOK is the construction of the mining and transfer complex at the Pervomaiskiy open pit mine worth UAH 2.94 billion ($135.8 million). The project is designed to facilitate the further development of mining operations. Investments at Central GOK are mainly directed at restoring and modernizing mining transportation equipment. In 2015, Metinvest Group plans to allocate UAH 335.5 million ($15.5 million) for this purpose. At the same time, Ingulets GOK commenced the construction of an iron ore transfer complex at its open pit mine. The total cost of the project is UAH 3.94 billion ($182 million). The project is designed to reduce the cost of iron ore concentrate, a finished product.
Metinvest also stated that the company invested UAH 26.3 billion ($1.21 billion) to develop Northern, Ingulets and Central Iron Ore Mining and Enrichment Works in nine years. The investments were mainly channeled into refurbishing technical equipment; into health, safety and environmental projects, and into the social sphere.