Group To Make RUB180 mln Stock Write-Down
Russia’s Chelyabinsk Zinc Plant says that in 2010 it will increase its investment programme by RUB 111 mln ($3.75 mln) to a total of RUB 622 mln ($21 mln)(excluding subsidiaries).
The additional funds will be invested in eliminating bottlenecks in the company’s technical process and will providing total production capacity of at least 160,000 tonnes of saleable SHG zinc in 2011.
The Group also revealed that a stock take in October 2009 revealed a shortage of zinc concentrate and zinc cake and it estimates that its 2009 IFRS Financial Statements will include an inventory write-down of approximately RUB 180 mln ($6.1 million).
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