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Magnezit Group sign agreement for socio-economic cooperation

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World Cement,

The Agreement on socio-economic cooperation between the government of the Krasnoyarsk Territory and Magnezit Group was signed on 19 February in the framework of the Krasnoyarsk Economic Forum (?EF).

According to the signed document Magnezit Group plans to ensure the growth of fused magnesia production in the settlement Razdolinsk (Motyginski district, Krasnoyarsk Territory, Russia) from 15 000 to 50 000 t by the year 2020. Within five years it is scheduled to construct the second stage of the fusion workshop on the basis of furnaces with the annual production capacity of 100 000 t. At the same time the company considers to create about 200 new jobs at the site. Expected investments into the project are up to 5 billion rubles.

In 2011 Magnezit Group obtained a license to develop the Talsk magnesite deposit in Razdolinsk. Together with the neighbouring Kirgiteisk deposit, which the company has been developing since 2006, the Talsk magnesite deposit makes up the Group's source of unique magnesite ore in Siberia, with more than 110 million t in known reserves of especially pure crystalline magnesite.

The Group controls more than 70% of CIS magnesia refractories market. The company includes enterprises in Russia, China, Slovakia and Ukraine.

Adapted from press release by Joseph Green

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