IRC Ltd, the iron ore unit of Russian miner Petropavlovsk Group of Companies (Petropavlovsk), has announced that, following an independent geological study into the reserves and resources managed by it, its JORC-reserve estimates increased threefold to a combined total of 1.16 billion mt, including JORC-accredited resources of 511.688 million mt and JORC-accredited reserves of 648.26 million mt.
"One of our challenges as we move forward in increasing our production capacity by nearly four times during the next two to three years and by approximately nine times by the end of 2015 is to increase our known reserves of iron ore in the ground," IRC's chairman Jay Hambro said.