USM & Metalloinvest Mikhailovsky GOK joint venture Mikhailovsky HBI signed a letter of intent with Metalloinvest’s Mikhailovskiy GOK on the possibility of concluding a contract for the supply of iron ore pellets for the future plant for the production of hot briquetted iron in the city of Zheleznogorsk in Kursk region of Russia. By the time the new HBI plant is launched in 2024, Mikhailovsky GOK will be able to fully meet its needs for high-quality raw materials. The development program of Mikhailovsky GOK provides for the launch in 2022 of a concentrate re-enrichment unit, which will annually produce up to 16.9 million tonnes of high-quality concentrate for subsequent pellet production at the MGOK pelletizing plant. Mikhailovsky HBI, 55% owned by USM & 45% owned by Mikhailovsky GOK, is implementing a project to build a HBI plant in the Kursk Region with a production capacity of more than 2 million tonnes per year. The new production is scheduled to start in the first half of 2024. The volume of investments in the construction of the plant is estimated at over 40 billion rubles excluding VAT.