23 Jul 2010 13:37

Kachkanarsky GOK net profits skyrocket almost 8-fold in Q2

YEKATERINBURG. July 23 (Interfax) - OJSC Kachkanarsky GOK Vanadium (Sverdlovsk region, part of the Russian steel major Evraz Group), turned net profits of 3.522 billion rubles in the second quarter, a 7.9-fold increase over the same period of last year (446.743 million rubles), the company's website says.

The vanadium-mining company's profits jumped 460% in the second quarter from the first (633.466 million rubles), due to price growth for the company's product.

Net profits for H1 as a whole came to 4.155 billion rubles, which was about five times what it made in the same half last year (827.676 million rubles).

Kachkanarsky GOK is one of the five biggest mining and refining outfits in Russia. The main customers for its product are Evraz metallurgical plants.

Evraz Group is a major vertically integrated mining and metals company with enterprises in Russia, Ukraine, the United States, Italy, the Czech Republic, and South Africa. Landbrook owns around 72% of Evraz Group. Its beneficiary is the investment company Millhouse, which manages the assets of Roman Abramovich and his partners (50%) and those of Alexander Abramov and Alexander Frolov (50% together).