Metinvest to Invest $619m for Modernisation of Ukrainian Iron Ore Works

12 May 2011 (Last Updated May 12th, 2011 18:30)

Ukraine's Metinvest is planning to invest about UAH5bn ($619m) for the modernisation of iron ore enrichment works (GOKs) at its mining sites in the country. Metinvest will spend UAH2.58bn ($320m) and UAH1.35bn ($167m) on the modernisation of Northern GOK and Inguletsk GOK respectively.

Ukraine's Metinvest is planning to invest about UAH5bn ($619m) for the modernisation of iron ore enrichment works (GOKs) at its mining sites in the country.

Metinvest will spend UAH2.58bn ($320m) and UAH1.35bn ($167m) on the modernisation of Northern GOK and Inguletsk GOK respectively.

The investment will also be used to start the second line of complex magnetic flotation concentration to increase flotation concentrate volumes up to 7Mt at the Inguletsk site.

The firm will also invest about UAH0.90bn ($111m) at Central GOK for ecological activities related to slime facilities development, as well as the construction of a new crushing and handling complex.