OREANDA-NEWS. September 15, 2011. In July 2011 Sorsk Mining and Processing LLC (Sorsk GOK) of SMR Group won an auction and obtained the right to explore mineral resources and produce copper-molybdenum ores from Agaskyr property located in the Republic of Khakassia. In early September Sorsk GOK was issued a license for subsurface use. The license expires in September 2031.

The license prospect is located in Ordzhonikidzevski Region of the Republic of Khakassia close to Sorsk – SMR major production facility. The prospect area is 2.9 sq. km. The deposit reserves consist of 155.3 Kt molybdenum, 98.7 Kt copper, 509.1 t silver, and 5.9 t rhenium. Mining and geological conditions of Agaskyr deposit imply its development by open-pit operations.

The estimated investments exceed USD 400 M. GOK shall reach its designed capacity in 2017.

Mr. Pavel KRASOVSKIY, SMR CEO, noted that acquisition of Agaskyr Copper-Molybdenum Deposit significantly expanded the Company’s resource base. He also said that the efficient development of Agaskyr property proximity would be enhanced by its proximity to Sorsk mining and processing site – the main Company production facility.