News

July 16, 2010

M.V. Slipenchuk: Ozerny GOK is my personal responsibility

Last week the international press-tour to Buryatia finished. It was intended for journalists from Japan, China, France and Great Britain, and was organized by METROPOL Group of companies and “MBC Corporation”. The press-tour participants visited Ozernoye and Kholodninskoye deposits, and “Baikal Habour” Special Economic Zone of tourism and vacation where they took part in the work of a round table “Special economic zones as a way of attracting investments into the region by example of the Republic of Buryatia” and saw the submersion of MIR-1 and MIR-2 manned submersibles.

On 8 July 2010 the group of journalists met with the management of METROPOL Group of companies and the MBC Corporation at shift camp of Ozerny Mining and Processing Plant. Among the main reporters was the head of METROPOL Group of companies and the Chairman of the MBC Corporation Board of Directors M.V. Slipenchuk. His report covered the process of Ozernoye deposit development and the way METROPOL GC joined the project. M. Yu. Borsin, Deputy General Director of the IFC METROPOL, B.D. Tsirenov, Deputy General Director of the MBC Corporation, D.B. Dambayev, Head of Yeravninsky district, and L.D. Kozlova, Head of “Ozerny” settlement took part in the meeting.

Currently the Ozernoye and Nazarovskoye development investment project (the latter is located nearby Ozernoye and will supply raw material for the mining and processing plant bearing the same name) is at the stage of deposits opening – in October 2009 the stripping works were launched at Ozernoye deposit. The mining enterprise is to be put in operation in 2010. Total works financing, both for engineering and construction, is carried out by the METROPOL GC. It has been already invested $100 M., the total of external financing necessary to put the GOK in operation in 2012 will amount to more than $1 billion. Part of these funds was directed to Banking Investments Feasibility Study drafting and other design and construction materials. For this purpose the world renowned companies such as Hatch, Roland Berger, AMC Consultants, etc. have been involved. At present all essential works have been fulfilled.

Also, it is planned to purchase mining processing plant, mining equipment and a power station for Ozerny GOK. As M.V. Slipenchuk reported: ”International tenders for these supplies are in full blast, and I think that they will be completed by the end of this summer”.

One of the major points, i.e. ownership structure and mining assets management, was discussed at the meeting with journalists. As it has been already notified in the MBC Corporation news, the Company has acquired the status of the sole executive body of “Ozerny GOK” JSC in this April that allows direct control over this asset. METROPOL GC is a 100% owner of Ozernoye deposit project.

Answering the journalists’ questions M.V. Slipenchuk noted that METROPOL GC is looking for a potential partner in deposit development. METROPOL’s goal is to launch the project “from scratch” and to make it attractive to investments, transparent and accessible to investors. Mikhail Slipenchuk added that among the potential investors whose applications are under study at present are several Chinese and a Japanese company. Negotiations are being held with Vnesheconombank and Sberbank.

At the same time the MBC Corporation, owing to effective efforts of a professional team of experts in the field of industrial construction, project financing and mining, already for five years independently maintains mining operations under METROPOL GC projects. From the very beginning the company follows the norms and rules of public activities. The MBC Corporation Board of Directors is interested in providing investors with full and unbiased information.

Ozerny GOK main objective is to ramp up to planned capacity by 2013 with no less than 6Mtpa output and 53% zinc concentrate production. These indexes allow the GOK to achieve 6-7th place in the world according to output volume. The forecasted operating income is about $1 billion per year. It is worth to note that Ozerny GOK JSC is registered in Buryatia and taxes will be directed to Republican budgets of all levels.

Mass media representatives touched upon the issue of the GOK under construction output distribution. With regard to the above mentioned M.V. Slipenchuk informed that China would be the major zinc consumer owing to rapid motor industry and construction industry development in this country. The second market is Japan with a great demand for zinc concentrate. And further, Korea goes with large zinc processing enterprises. To end, one of the main product markets will be Russia.

To supply Ozerny GOK, in particular, and all mining industry of Buryatia in general, with qualified specialists the METROPOL GC developed and launched the Programme of Buryatia youth training in St. Petersburg Plekhanov Mining University in 2006. 79 students were directed to this higher education institution within these four years.

Finishing his report M.V. Slipenchuk affirmed that maximum efforts would be laid for successful development of Ozernoye deposit. “The MBC Corporation is managing the project, it partly bears my name. So its success and success of the Corporation projects is my personal responsibility”, - underlined the Head of the Metropol GC.

The journalists noted (besides the rest) the highest level of social responsibility of the Company. The IFC METROPOL and “MBC Corporation” regularly channels funds for charitable projects in the sphere of ecology, sport, music and national culture of Buryatia. The humanitarian assistance is also provided to the Orthodox and Buddhists temples, veterans and those many in need in the Republic of Buryatia.

It is worth to note that without proceeds from its projects the Group of companies has already invested funds into the social sphere of Buryatia.

As mentioned before, the journalists have visited OZT TRT “Baikalskaya gavan” in Turka village of the Pribaikalsky region of the Republic of Buryatia and made a short voyage at the special vessel Metropolia on the upper deck of which a round table devoted to investments attraction to Buryatia was held. For detailed information you can visit METROPOL GC site and the site of the Fund for Protection of Lake Baikal.

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