Evraz to invest 6.4 bln rbl in Kachkanar-proper deposit 1st stage

MOSCOW, May 27 (PRIME) -- U.K.-based mining giant Evraz, which operates mainly in Russia, plans to invest 6.4 billion rubles in the first stage of development of the Kachkanar-proper titanium magnetite vanadium-containing ore deposit in the Sverdlovsk Region, the company said in a statement on Monday.

Commercial ore production is expected to begin in the first quarter of 2021. The deposit will be developed in a single open pit. By 2024, annual ore production is expected to reach 13 million tonnes.

The Kachkanar-proper deposit is located on the slopes of the Kachkanar mountain, 5 kilometers away from the Gusevogorskoye deposit. The total reserves of ferrous titanium-magnetite ores are estimated now at 6.87 billion tonnes, with an average iron content of 16.6%. Based on the company’s annual consumption of 60 million tonnes, the deposit may last for over 100 years.

(64.6106 rubles – U.S. $1)

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