PJSC "ArcelorMittal Kryvyi Rih" received the right to mine ore for the next 20 years

Last year, PJSC ArcelorMittal Kryvyi Rih extended the validity period of special permits for the use of subsoil until 2038. The company obtained the right to continue mining ore in its two main quarries for the next 20 years - the maximum period provided for by the legislation of Ukraine.

Until January 9, 2038, the permit for the extraction of magnetite quartzites in open pit No. 3 (Valyavkinskoye deposit) has been extended. The balance reserves within the contour of this quarry are estimated at 322.7 million tons, off-balance reserves - at 13.5 million tons. Outside the contour of open pit No. 3, reserves with an indefinite commercial value within the allocated area amount to 425.2 million tons. For the extension of the special permit for the Valyavkinskoye field, PJSC ArcelorMittal Kryvyi Rih paid a state fee in the amount of UAH 68.8 million.

Until March 26, 2038, the permit was extended for the extraction of magnetite quartzites in open pit No. 2-bis (Novokryvorizhskoe deposit - South part, Section 1). Balance reserves within the contour of this quarry are estimated at 168.8 million tons, off-balance reserves - at 52.7 million tons. Outside of open pit No. 2-bis, the balance reserves of this part of the deposit amount to 941.2 million tons. For the extension of this special permit, ArcelorMittal Kryvyi Rih PJSC paid a state fee in the amount of UAH 88.7 million.

Irina Khivrenko, Chief Geologist of the Mining Department of PJSC ArcelorMittal Kryvyi Rih:

- Both agreements on the terms of subsoil use for these fields between our company and the State Service of Geology and Subsoil of Ukraine were signed last year. This is an important step for us in terms of long-term planning, mining operations in our two main quarries and the sustainable supply of iron ore to our metallurgical operations. Further exploitation of the quarries will provide jobs for over 4,000 people and a constant income to the budget of tax payments.

Reference:

OFF-BALANCE RESERVES are reserves of minerals, the use of which is currently economically inexpedient or technically and technologically impossible, but which in the future can be transferred to the balance sheet.

Off-balance reserves of solid minerals are calculated and accounted for if the feasibility study of the conditions proved the possibility of their preservation in the subsoil for subsequent extraction, storage and storage for future use.