The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that it will not proceed with the development of Chelyabinsk-based Uspenskoe, Bulandikhinskoe and Vostochno-Bulandikhinskoe iron ore deposits, the exploration licenses for which belong to MMK's subsidiary Bakal Mining Administration (BRU).
MMK explained its decision by citing the economic irrationality of the development of the abovementioned projects.
Regardless of its decision to abandon the development of the three iron ore deposits, MMK stated that very soon it will up its self-sufficiency in iron ore supplies to 20 percent.