News

July 10, 2006

A solemn ceremony devoted to the start of the processing facility construction took place at the location of the Ozernoye future open-pit. Mr. Mikhail Slipenchuk, IFC METROPOL Director General; Mr. Ivan Kalashnikov, Deputy Chairman, People’s Hural of the Republic of Buryatia; Mr. Oleg Mikhailenko, Director General of East Siberian Metals Corporation, representatives of design and scientific organizations, journalists from federal and foreign mass media participated in the event.

Construction of the processing facility is scheduled for 2007, according to Mr. Mikhail Slipenchuk. The company is going to receive the first million of tons of ore in 2008 already. ‘We are going to invest at least $ 1 billion into this sector in 4-5 years. This year, we will complete construction of a rotational village for 500 workers in the Eravnino District, and will start to restore a highway. Upon completion of construction of the Ozerny processing facility, we are going to start work in the Kholodninskoye and Yermakovskoye deposits,” he noted.

President of Buryatia Leonid Potapov promised to render every assistance to developers of the Ozerny polymetal deposit. He made the same statement earlier, at a meeting with top managers of METROPOL Group of Companies and of East Siberian Metals Corporation and also with representatives of the Swedish Lundin Mining Corporation, which will be in charge of implementation of the project’s technical project.

The Ozernoye field is located at 300 km to the northeast off Ulan Ude, the capital of the Republic of Buryatia. It is well known and has been extensively explored in the 1970’s / 1980’s but no production was carried out. In addition to lead and zinc, the deposit contains much silver. The mineral reserves are estimated at 157 million tons. Currently the rights to develop the deposit fully belong to METROPOL Group of Companies. East Siberian Metals Corporation established in 2005 manages the project. Fixed assets belong to Ozerny Processing Facility OJSC.

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