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Bloomberg reported Mechel (NYSE:MTL) gave up two iron ore mining licenses in Siberia to focus on more efficient projects.
Bloomberg reported Mechel (NYSE:MTL) gave up two iron ore mining licenses in Siberia to focus on more efficient projects.
As quoted in the market news:
Korshunov Mining Plant, a Mechel (MTLR) unit, quit the Tatyaninskoe and Krasnoyarovskoe licenses because of a low iron content in the ore, Mechel said today in an e-mailed response to questions. The company will instead focus on developing new iron-ore deposits in Yakutia, home to the Elga coal field.