OREANDA-NEWS. Kovdorsky Ore-Mining Plant, a subsidiary of EuroChem, has won the auction for the exploration and development of magnetite and apatite ore located in deep levels of Kovdor apatite-magnetite deposit. The auction has been held today, on March 27, in Murmansk.

Kovdorsky GOK (KGOK) will be issued a respective license for 20 years. According to the license terms, exploration work should be performed within 4 years, and feasibility study prepared within 5 years from the license issue date.

Commercial production should start in 7 years.

The total surface area of the site under the license is 3,136 sq. km, its depth is 350 m to 2,000 m below ground level.