The Ukrainian mining and steel producing company Metinvest Holding (Metinvest) has announced that it plans to increase its production of high quality merchant iron ore concentrate with Fe content over 67 percent to up to 6.8 million mt through the construction of a second magnetic and flotation metal content upgrading facility at its iron ore subsidiary Inguletskiy GOK (InGOK).
The total value of the project will amount to about UAH 340 million (approx. $43 million), with the facility planned to be commissioned in October 2011.
Accordingly, the capacity of the second magnetic and flotation metal content upgrading facility will be around 3.6 million mt of merchant concentrate per year. Currently, InGOK operates its unique-for-Ukraine first magnetic and flotation metal content upgrading facility with an annual production capacity over 3.2 million mt.
In 2010, Metinvest will invest over UAH 130 million (about $16.4 million) in construction of the plant.
InGOK has an annual production capacity of 14 million mt of iron ore concentrate. In 2009 InGOK produced 11.881 million mt of concentrate.