Poltava Mining to invest $34 million in a concentrate stockyard

Poltava Mining and Processing Plant (Poltava Mining) will invest $34 million in the construction of an iron ore concentrate stockyard,

according to GOK TV and Radio Company.

Poltava Mining has already completed excavation and foundation works, and almost completed the installation of metal structures and equipment. The project is currently at the first phase of implementation to last until August–September.

7.5 thousand tons of metal structures will be used for the stockyard construction.

Its storage capacity will be 70 thousand tons of iron ore concentrate.

In 2019, $28.7 million were spent on the project, and another $7 million are to be spent in 2020. The project will make it possible to increase production of iron ore pellets by 1.5 million tons in 2021.

In 2019, Ferrexpo raised investment in Poltava Mining by 54.6% to $102 million against 2018. This amount includes spending for refurbishment of one of the four iron ore pellet production lines and $46 million for capitalized stripping, drill automation and development of a spare parts warehouse for the Group.