Victor Rashnikov, President of the MMK Managing Company, and Yevgueni Savchenko, Governor of the Belgorod Region, signed an Agreement on Social and Economic Cooperation.

The parties have agreed to cooperate in the sphere of development and implementation of social programmes corresponding to the vital interests of the Belgorod Region's population, as well as in the implementation of OJSC MMK's production plans.

OJSC MMK plans to build a mining enterprise at the Prioskolsky Iron Ore Deposit bringing it to the design capacity of 25 million tons of iron ore per year by 2016. In implementing the project MMK will strictly abide by the requirements of the environmental, hygienic, labour safety and all other applicable standards.

The Government of the Belgorod Region intends to assist OJSC MMK in the construction of the mining enterprise, and ensure it reaches the design capacity level within the scheduled timeline.

In the process of implementing the project the parties will build their relations on the principles of equitable partnership and mutual interests.