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Severstal will invest $ 98 million exploration and mining

steel mills claimed that the 2012 Geological Survey will invest approximately $ 98 million of iron ore and coal projects in Russia and overseas.

    This investment will focus on the Vorkutaugol coal mines and expansion of the company is currently in operation, Olcon, and KarelskyOkatysh of iron ore, as well as domestic and overseas greenfield projects, geological studies. Among them, more than 223 million rubles will be invested in exploration projects in Russia, 2011, nearly 2.5 times.

    At present, Severstal is located in the Murmansk region in Russia Olcon iron ore project expansion is well under way, including the development of new NorthernIronOreDistrict project in Chudzyavr and Pinkelyavr mining area. Exploration of iron ore KarelskyOkatysh main concentrated in SouthKorpangsky region, as well as continue to the Kostomuksha mineral supplement exploration.

    Overseas projects, Severstal will PlotN1 coal mine located in the Komi Republic Usinsky invested about 100 million rubles, right the Tuva Tsentralnoye mine exploration investment over 400 million rubles, a substantial increase over last year's 204 million rupees.

    In addition, Severstal in Liberia and Brazil's iron ore exploration of the green project is progressing smoothly. This year the company plans to invest $ 66 million more than last year, more than two times Liberia Putu iron ore, a preliminary feasibility study is expected by mid-2012 to complete. The company also plans to Amapa iron ore project in Brazil to invest $ 6.4 million, including the completion of a feasibility study last year's investment of only $ 800,000.

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