Ural Mining and Metallurgical Company, Russia’s second largest producer of zinc and copper, plans to invest approximately $406.8 million into reconstructing and developing its Gaisky GOK ore mining and processing plant by 2017.
The investment was confirmed by documents prepared for a meeting between the miners and Russian President Vladimir Putin. UMMC also anticipates investing approximately $334.2 million into the construction of a new mine at the Podolskoye zinc and copper deposit in Bashkortostan, Prime reports.
The license for developing the zinc and copper deposit is owned by Bashkir med, a company set up by UMMC in the beginning of 2006.
UMMC, also known as UGMK, accounts for approximately 40 percent of the cathode copper output in Russia, according to Prime.
UMMC is a vertically integrated company that unites the metallurgical, mining and metal-working industry into one chain. The company consists of several business commodities, including construction industry products, ferrous products, electrical engineering products, automotive products, metals, chemicals, precious metals, non-ferrous products and copper cathodes.
UMMC has 24 mining and processing enterprises, including 138 licenses to use subsurface mineral resources to mine and explore natural resources. The company plans to mine the Gaisky GOK mine using deep and super-deep underground pit mining.