LSR Group's Rudas increases sand reserves

OJSC Rudas - part of Russia real estate development and building material group LSR - has increased its sand reserves.

Rudas - the largest supplier of sand in St. Petersburg and the Leningrad region - has obtained the right for six resource sites in the Leningrad region through auctions held by North-West Federal District's mineral resources department.

The department estimates the aggregate reserves of the quarries at 18 million cubic metres.

Rudas says that when the licence for exploration, geological survey and sand extraction on these sites is obtained, it will enlarge its raw materials base to approximately 120 million cubic metres.

Story provided by StockMarketWire.com

13/12/2010