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HONG KONG, Sept 14, 2010 - (ACN Newswire) - Siberian Mining Group Company Limited ("SMG" or "the Company"; stock code: 1142.HK), announced today that it has, through its subsidiary, LLC "Shakhta Lapichevskaya", won the auction for subsoil use rights for exploration and bituminous coal mining at Mine Lapichevska-2 in Russia's Kemerovo region.
Mine Lapichevska-2 consists of two lots, Lot 1 extension and Lot 2 ("Lapi-2"), which are adjacent to SMG's existing mining area, Lot 1 ("the Existing Lot"). According to estimates by the Kemerovo Agency for Subsoil Use (Kuzbassnedra), Lapi-2 has total reserves of 120Mt. Together with the Existing Lot, estimated reserves total 140Mt. Drilling at Lapi-2 is expected to commence in the first half of 2011. SMG is now in negotiations with strategic partners for the mining and exploitation of the sites.
Commenting on the successful bid, the Chairman of SMG, Mr. Lim Ho Sok said, "This is an important further step in SMG's growth as a mining group. Our success means that SMG now has mining assets in Kemerovo, the heartland of Russia's coking coalfields, with the critical mass required for commercial mining and exploitation. We will continue to drive our long-term strategy of developing and owning quality resource assets."
SMG's strategy for the long-term development of a resources group involves the development of both upstream and downstream resource-related businesses. These will include direct mine investments, joint-venture mining operations and downstream resources trading.
Mr. Lim continued, "SMG has access to good quality mining assets and possesses the ability to identify both strategic and financial investors to explore those assets and put the same into commercial operation."
Contact:
Kreab Gavin Anderson
Grace Zhang
Phone +852 2218 9922
Email: gzhang@kreabgavinanderson.com
Sunny Tang
Phone +852 2218 9956
Email: stang@kreabgavinanderson.com
Topic: Contract Awarded
Source: Siberian Mining Group Company Limited
Sectors: Metals & Mining
https://www.acnnewswire.com
From the Asia Corporate News Network
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