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Marked Increase: Steel Giant Severstal Says Liberia Iron Ore Deposit Estimates Up PDF  | Print |  Email
Written by Reuters   
Thursday, 18 October 2012 18:51

Moscow (Reuters) - Russia's steelmaker Severstal reported an increase in the estimate of iron ore resources at its West African Putu deposit in Liberia by 38 percent to 4.4 billion tonnes, it said on Wednesday, citing an independent engineering study.

The updated estimate of iron ore at the Putu deposit, a 13 kilometre-long iron ridge, was carried out by SRK Consulting based on the South-African SAMREC reporting code, it said.

"This represents a marked increase from one year ago when an independent report estimated Putu to have iron ore resources of up to 3.2 billion tonnes," the statement said.

Severstal, controlled by billionaire Alexei Mordashov, is one of several Russian steel firms seeking to increase its iron ore mining operations in order to secure supplies and hedge against rising prices.

The steel major, with assets in Russia, the U.S., Ukraine, Latvia, Poland, Italy, Liberia and Brazil, indirectly holds 100 percent interest in Putu Iron Ore Mining.

The company estimates total capital expenditures in Putu at between $2.5-3.5 billion with production scheduled to begin in 2017-2018.
Last Updated on Saturday, 20 October 2012 22:52
 

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