OREANDA-NEWS. On 01 September 2008 was announced, that according to Metal Bulletin, Mike Oppenheimer, the CEO of Ferrexpo Plc < FXPO LN N/R >, said that company intends to sell 50% in Yeristovskoye iron ore deposit to third parties. Potential buyers, which are "well-known resource companies", are conducting due diligence on Ferrexpo's mining assets, he added.

The reserves of Yeristovskoye and Belanovskoye deposits are large (3bn tonnes of iron ore with a Fe content of 32%). The first tonne of iron ore concentrate at Yeristovskoye deposit will be mined by 2011 and full capacity of 28mn tonnes p.a. will be achieved by 2014. As was announced at the AGM of Ferrexpo Poltava OMEP < PGOK UZ Hold > held in June 2008, a new pelletizing factory will be built later on at the OMEP, and it will produce pellets like PGOK does. Production at the Belanovskoye deposit is targeted to start in 2015. Development of the sites will cost an estimated \\$5 billion. Currently PGOK mines about 29mn tonnes of crude ore at the Gorishne-Plavninske-Lavrikovske deposit.