OREANDA-NEWS. On July 11 2008 Mikhailovsky GOK (MGOK, a subsidiary of Metalloinvest Holding) sent an application to the Russian Federal Subsoil Agency (Rosnedra) to bid for a tender to develop Udokan copper field, situated in Kalarsk Region of Zabaykalsky Krai, reported the press-centre of Metalloinvest.

The management of Metalloinvest Holding announced that the participation in this tender is geared towards the further diversification of resource base and product line diversification.

The enterprises that make up the mining division of Metalloinvest Holding have a solid experience in large scale mining operations. Mikhailovsky and Lebedinsky GOK have access to the world’s largest iron ore deposits of the Kursk Magnetic Anomaly. All Metalloinvest’s subsidiaries are fully committed to applying highest social responsibility standards and are the principle employers and taxpayers in the regions where they are located.

Udukan is the largest copper field in Russia and contains 3 types of ore: sulfide ore (containing up to 30% of oxidized copper), mixed ore (from 30 to 70% of oxidized copper) and oxidized ore (more than 70% of oxidized copper).

Udokan commercial reserves include 43% of sulfide ore, 40% of mixed ore and 17% of oxidized ore. Balance reserves amount to 1375,2 mln tons of ore, 19,95 mln tons of copper (average tenor 1,56%), 11900,6 tons of silver (average tenor 9,6 grams per ton).