IRC
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Overview
Kuranakh
K&S
Garinskoye
Exploration Projects & Others

IRC’s other exploration projects comprise an extensive portfolio that is diversified by geography, commodity and development stages. It aims to add value through the discovery of new resources and increasing and confirming mineable reserves. Currently, IRC is keeping these valuable licenses for later development until market conditions improve. Apart from exploration projects, IRC is also involved in complementary business of a steel slag reprocessing plant (SRP) and a mining consultancy services agency (Giproruda). Regarding SRP project, as its feedstock is dependent on the concentrate from Kuranakh, as the latter was moved to care and maintenance, IRC is seeking alternative sources of materials as the feedstock for the project. In addition, during the first half of 2016, the exploration licenses of Orlovsko and Molybdenum projects have not been renewed after thorough consideration for their economical values, cost of development and market conditions in order to divert the Group’s resources to develop projects with higher returns. Below is a summary of the Group’s current exploration projects portfolio:

Project Products/Service Location
Kostenginskoye (K&S Resource Base) (100% owned)
Iron ore concentrate Jewish Autonomous Region, Russian Far East
Bolshoi Seym (100% owned) Ilmenite Amur Region, Russian Far East
SRP (46% owned) Vanadium Pentoxide Heilongjiang, China
Giproruda (70% owned) Technical mining research and consultancy services St. Petersburg, Russia