The Severopeschanskoye magnetite ore deposit was discovered at a depth of 276 meters. Two years later, the Governmental Reserves Committee approved the ore reserves (100 mln. 300 thousand tonnes with an iron mass fraction of 54.57%)
Bogoslovskoye Mining Group is an ore mining company incorporated in the Ural Mining & Metallurgical Company (UMMC) since 1999. Currently, it is being managed by UMMC-Steel Corp. BMG was founded in 1920 at the premises of the OAO Bogoslovsky Mining & Metallurgical, which, in turn, was founded in 1896 to operate the mines of the Bogoslovsky Mining District. Iron ore exploration and mining started in the 1760s.