OREANDA-NEWS. OJSC “Magnitogorsk Iron & Steel Works” (OJSC “MMK”) participated in the auction on the right of use of subsurface with the purpose of iron ores mining on Prioskolskiy field in Belgorod region.

According to the press service of OJSC “MMK”, as a result of an auction the highest price at the rate of 630 million roubles was offered by Magnitogorsk Iron & Steel Works.

According to the conditions of the auction, within 30 days from the date of auction the Federal Agency on Subsurface Use should approve the decision of the auction commission on results of the auction, which would serve as a ground for granting a license to the winner.

Participation of OJSC “MMK” in the auction is performed within the frameworks of realization of a strategy of the company, which is directed on preservation of a long-term competitiveness. One of the main strategic directions for the enterprise is provision of uninterrupted supply of raw material resources of necessary volume and quality. The implementation of the project on development of this field will promote achievement of goals in the long-term prospect.