Ukrainian mining and steel producing group Metinvest has announced that in the current year it will invest UAH 7.4 billion ($273.16 million) in the development of its iron ore subsidiaries Northern GOK, Ingulets GOK and Central GOK, all located in the Kryviy Rih region.
According to the company’s statement, about UAH 2 billion ($73.82 million) will be invested to renew heavy dump trucks and open pit mine equipment at the mining and beneficiation plants in Kryviy Rih. Investments in the revamp and major overhauls of buildings, facilities and main process equipment will amount to over UAH 2.5 billion ($92.28 million). With these investments, Metinvest aims to gradually ramp up its output, improve the quality of products, reduce the cost of production and create a comfortable work environment for its employees.