Olkon JSC (Olenegorsk Mining and Processing Plant, part of Severstal ) has launched an investment project to develop the Olenegorsk iron ore deposit, the company's press service said.

"The project budget exceeds 5 billion rubles," Olkon General Director Nikolai Seleznev was quoted as saying.

The investment plan involves open-pit mining until 2044-2045, transitioning to underground operations thereafter.

Development requires relocating existing infrastructure including water ...

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