Stoilensky GOK to invest in modernization

Stoilensky Mining and Processing Integrated Works (Stoilensky GOK), a wholly-owned subsidiary of the Russian steelmaker Novolipetsk Steel, is planning to invest approximately Ruble 800 million ($30.8 million) in innovation and modernization of its production capacities. Stoilensky GOK is to direct this investment towards the increase of its iron ore concentrate production from 11.3 million metric tons in 2006 to 12.6 million metric tons in 2007, reaching 15 million metric tons in 2009.