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"Petropavlovsk - Iron and steel" may suspend the proceedings on the iron ore deposit in the Amur region

Petropavlovsk - Ferrous Metallurgy may suspend production at Olekminsky Rudnik LLC, which develops the Kuranakh iron ore deposit in the Amur Region, due to lower prices for raw materials in the world and, above all, in China, Kommersant - Far East reports, citing sources in company.

The cost of 1 t of iron ore concentrate since the beginning of the year fell from $ 135 to $ 89. The fall in the cost of Olekminsky GOK's products by more than 30% will lead to a loss on the results of the half-year.

The company's management is studying the economic effect of the suspension of production at the Kuranakh field before the market conditions improve: “Today, all the internal reserves of efficiency improvement in the company are close to exhaustion.” At the same time, taking into account the attention of the Russian government to the development of the Far East and the preparation of several bills aimed at supporting new industries in the Far Eastern Federal District, the company is counting on positive changes, in particular in the field of taxation.

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