OREANDA-NEWS. On December 14, 2006 the meeting of the Chairman of the Board of Directors of OJSC “Magnitogorsk Iron & Steel Works” (OJSC “MMK”) Victor Rashnikov with the governor of Belgorod region Evgenie Savchenko devoted to the prospects of realization of the large investment project on development of Prioskolskiy iron ore deposit was held in Belgorod.

According to the information and public relations department of OJSC “MMK”, the right of development of one of the largest deposits of iron ores in Kursk magnetic anomaly OJSC “MMK” received as a result of the auction which was held in the beginning of November. The enterprise became the winner of auction, having offered the highest price - 630 million roubles for the right of development of the field.

Prioskolskiy field is located in Starooskolskiy district of the Belgorod region in more than 2000 km from OJSC “ММК”. Stocks of the field make 45,2 million tons of rich ores and 2109,6 million tons of non- oxidized ferriferous quartzite and are approved by the State committee on stocks. The field is completely prepared for industrial development and is the largest rich ore and ferriferous quartzite fields of Kursk magnetic anomaly.

The governor of Belgorod region Evgenie Savchenko and the Chairman of the Board of Directors of OJSC “MMK” Victor Rashnikov at the meeting have discussed the project of development of the field. The governor has especially accentuated observance of all ecological norms.

In his turn, Head of OJSC “ММК” has noted that this issue will be paid the maximal attention. Being guided by interest in establishment and development of economic relations the parties have signed the cooperation agreement between the government of Belgorod region and OJSC “Magnitogorsk Iron & Steel Works”, and also approved the plan of carrying out of prime actions on development of the field.