The signing ceremony took place between Metropol Group of Companies and Metallurgical Corporation of China at the Fifth Russian-Chinese Economic Forum today. The document was signed in the presence of the Chinese Prime Minister Wen Jiabao, pursuant to which the Chinese partner will take part in the construction of Ozerny GOK and buy the plant’s produce.

Today’s event has brought to a new level the relations between the two companies. By that moment a contract has already been signed for the purchase of zinc and lead concentrates between MBC Corporation and MCC Overseas (an MCC company). According to the contract, the Chinese party will purchase at least 40% of the plant’s planned annual output, which is 740,000 tons of zinc and 110,000 tons of lead.

The day before, on November 23, negotiations took place between the extended delegations of the host party and MCC at the Metropol office. Metropol was represented by Head of the Group M.V. Slipenchuk. The parties discussed the details of the agreement for the construction of Ozerny GOK.

Ozerny GOK is being constructed by MBC Corporation in the Republic of Buryatia, on the Ozernoye polymetallic deposit that holds 157 million tons of ore according to JORC.

Metal concentration is 5.2% Zn and 1% Pb. In addition, the ore at the Ozernoye deposit contains 4,500 tons of silver. In October 2010 a mining enterprise was commissioned on the industrial site, with a design capacity of 1 million tons of ore per year. The construction of an experimental processing plant is currently under way. A development plan for the mining process at the Ozernoye deposit for 2011 will be submitted to Rostekhnadzor in December.