Severniy GOK (SevGOK) and Central GOK (CGOK), iron ore producing subsidiaries of the Ukrainian mining and metals business group Metinvest, have announced that in 2008 they will continue their modernization programs and are planning to invest around UAH 1.31 billion ($259 million) and UAH 314.106 million ($62.1 million) respectively.
Under its program, SevGOK plans to buy new mining equipment and also to invest in the modernization of existing equipment and production facilities, as well as in the construction of new units for iron ore enrichment.
On the other hand, CGOK will direct the most of its investment toward modernization and expansion of its infrastructure as well as toward modernization of existing mining and enrichment equipment.
In 2007 SevGOK and CGOK invested about UAH 1.04 billion ($205.6 million) and UAH 257.6 million ($50.9 million) respectively in their capacity modernization programs.