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July 22, 2010

Ozerny GOK produce will meet the buyer from China

Negotiations between the MBC Corporation and the Chinese metallurgical company MCC Overseas (subsidiary of Metallurgical Corporation of China) have been completed. There has been signed a cooperation agreement between Russian and Chinese parties.  The Chinese party has displayed an interest in the Ozerny GOK project participation as an MBC Corporation’s partner.

The Chinese delegation was headed by Mr. Yu Zhongliang, Deputy Chief Engineer (General Director). General Director I.A. Okhtyrsky and Deputy General Director S.N. Garichev held negotiations on behalf of the receiving party. The meetings were held in the MBC Corporation office and in the Ozerny Mining and Processing plant shift camp in Buryatia. On 8-9 July in Moscow the MBC Corporation specialists presented to the MCC Overseas delegation the information on engineering and construction activities at Ozernoe GOK, the deposit ore flowsheet design status and  international tenders for mining and processing equipment and power station supply.

During the trip to Buryatia the Chinese Delegation visited Ozerny GOK shift camp, the GOK site, Ozernoye and Nazarovskoye deposits, core storage facility. The important part of the visit to Ozerny GOK was the working meetings devoted to geologic aspects and exploration maturity of the deposit, plant design and construction, further purchases of the GOK under construction output.  As result of these meetings the parties signed a cooperation agreement on Ozerny GOK construction. There has been also drafted an off-take agreement for zinc and lead concentrate to be signed between MBC Corporation and MCC Overseas which  presupposes of no less than 50%  of plant annual  output supply, i.e. 740 kt of zinc and 110 kt of lead concentrates.

Ending the visit, on 14 July 2010 in the Republic of Buryatia Government residence, there was held a meeting between representatives of the Government of the Republic of Buryatia, “MBC Corporation” LLC and МСС Overseas. The meeting was devoted to the project of Ozerny deposit development. The meeting was chaired by the Vice- Chairman of the Government of the Republic of Buryatia A.A. Lekhatinov. On behalf of the Government the Minister of Natural Resources of the Republic of Buryatia also took part in meeting. The MBC Corporation was represented by the Deputy General Director B.D.Tsyrenov, Deputy General Director of the MBC Corporation Representative Office B.D.Tsyrenov and other officers. Mr. Yu Zhongliang, Deputy Director  took a floor on behalf of the MCC Overseas. During the meeting the Government of the Republic once again reaffirmed its position aimed at overall support of investment project of Ozernoye and Nazarovskoye deposits development.

During the meetings the MCC Overseas experts have taken notice of a huge amount of works which have already been carried out at the deposit and that the project meets the support of the Government of the Republic of Buryatia, that makes the project attractive and promising for the Chinese company.

Background

Ozernoye and Nazarovskoye deposits accumulate 163 MT of polymetallic ore. Zinc reserves are estimated as 8.46 MT, lead as 1.6 MT, gold as 35 t.

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