Metalloinvest to invest Ruble 5 billion in MGOK’s development in 2011

The Russian steel and iron ore producer Metalloinvest Holding (Metalloinvest) has announced that in 2011 it will invest Ruble 5 billion (about $172 million) in the development of the production facilities of its mining subsidiary Mikhailovsky Mining and Processing plant (MGOK).
 
These funds are provided under the social partnership agreement signed between Metalloinvest and the administration of Russia's Kursk region and Zheleznogorsk Town administration.
 
The document promotes mutual commitment of the parties to the region's social and economic development. The agreement provides also for the increase in MGOK's tax payments to up to Ruble 5.8 billion (about $199 million). More than Ruble 300 million (about $10.3 million) will be directed to social programs for MGOK's workers and for local communities.