MOSCOW, December 16 - RAPSI, Natalia Belova. A court has approved a settlement between a major ore mining and processing company and an insurer, the Russian Legal Information Agency (RAPSI/ reports from the courtroom.

Lebedinsky Ore Mining and Processing Enterprise is a largest iron ore producer and processor in Russia.

AlfaStrakhovanie is part of Alfa Group and offers over 100 types of insurance services, including life and accident insurance. It has more than 390 offices all over Russia.

The companies agreed that AlfaStrakhovanie insurance company will pay Lebedinsky $8.46 million and Lebedinsky will withdraw its $2.2 million claim.

It was earlier reported that Lebedinsky sought to recover 332 million rubles (approx. $11 million). The court approved the settlement between the parties and terminated proceedings over Lebedinsky's lawsuit.

Lebedinsky's representative earlier said that the statement of claim was just a technical step as the company hoped to settle the dispute soon and receive due compensation. The lawsuit stems from a failure of insured equipment in 2009 that caused economic losses due to subsequent idle time and repairs.