MMK returns Prioskolskoye licence because of the cheap iron ore.
Edited by Rhod Mackenzie / 2015-08-17 07:01:17
Finance Metals and mining Russia Financial results Magnitogorsk metallurgic plant MMK Shares Russia Metals and Mining Iron ore Steel
JSC "MMK" has returned the license for Prioskolskoye iron ore deposit to the state on the background of fall in ore prices and the global oversupply of raw materials.
"Low prices for coal and iron ore are to our advantage, because we are not as integrated as the rest, - Sergei Sulimov, deputy general director of MMK for Finance and Economics, stated in an interview in Moscow. - In Russia we had Prioskolskoye field, but we had given the state a license in March 2015".
