Karelsky Okatysh has begun to excavate and process Korpanga a new iron ore deposit whose resources are estimated at 320 million tones, reports press-center of Severstal-Resurs. A total of over US$ 100 million, the development of Korpanga is Karelsky Okatysh's largest investment project to date. Over the last four years, the company has invested some US$ 54 million in the new developments. This year the company plans to invest some US$10 million with a further US$ 38 million expected to be invested before 2013.
Up to 3 million tones of ore will be processed by the end of the year, with future annual capacity likely to increase to up to 10 million tones.
The infrastructure required at the site of the deposit includes 20 km of roads and railway lines which link the new deposit to the concentration plant to supply the plant with ore for the production of iron ore concentrate and iron ore pellets.
Korpanga is located 5 km north of the company's current core mineral base, Kostomuksha. According to results of a competitive tender, Karelsky Okatysh was granted the right to develop Korpanga in July 2001 by the Natural Resources Ministry of the Russian Federation and the Government of the Karelian Republic. The license is valid for 20 years.
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