"The investment project will create about 2,000 jobs," the press secretary said.
Under an agreement signed by the parties, Peter Hambro Mining, which holds over 50 prospecting and mining licenses, with operations focused in Siberia, will draft a feasibility study and design documentation for the investment project worth more than 30 billion rubles ($1.2 billion) to develop the Garinsky iron ore field while the local administration will coordinate this effort, the press secretary said.
"The project stipulates the construction of a mining and metallurgical complex at the Garinsky deposit and the creation of the relevant transport, energy and social infrastructure," the press secretary said.
The new complex, with a designed capacity of at least 10.5 million metric tons of iron ore a year, is expected to be commissioned by January 1, 2013, the press secretary said.
