Vladivostok, Russia – September 05, 2019 – Mechel PAO (NYSE: MTL, MOEX: MTLR), one of the leading Russian mining and metals companies, reports signing an agreement of intent on partnership in mineral resource management with AO Rosgeo. The ceremony was on the sidelines of V Eastern Economic Forum, with the agreement signed by Rosgeo’s Chief Executive Officer and Chairman of the Board Sergei Gorkov and Mechel PAO’s Chief Executive Officer Oleg Korzhov.
According to the agreement, the sides voiced their intent to join forces in seeking, appraising and exploring new highly profitable mineral resource deposits and their further development.
The document also provides for a possibility of Mechel and Rosgeo creating joint ventures in order to seek out, assess and develop mineral deposits.
The two sides also agreed to consider various options for actualizing, reassessing and additional exploration of suspended fields and bringing them into production.
“Rosgeo’s unique experience and state-of-the-art digital solutions the company uses will enable us to explore our mineral resources and develop promising deposits in the Far East Region more efficiently. I am sure that our bilateral ties will have a positive impact on Russian mining industry’s further development,” Mechel PAO’s Chief Executive Officer Oleg Korzhov noted.
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