Kochubei Shafts will be interesting to those who want find out the history of iron ore mining in Kryvyi Rih region and to look at unique combination of open mine and underground mine shafts in one location.

Kochubei Quarry was developed by open method during 1904 - 1906 and then it was abandoned. It was named after lands that belonged to family of Russian princes - Kochubei. Kochubei is a noble family originating from Tatar Kuchuk-Bey who came to the territory of modern Ukraine in the middle XVII century and adopted the name of Andrew with baptism.

Kochubei family is well known because of Vasily Kochubei - General Secretary of Army of Zaporizhia Cossacks who accused the treason of Hetman Ivan Mazepa to Tsar of Russia.

Mining works was renewed in 1913 - 1914 in underground shafts - horizontal tunnels appeared at the very final stage of the mine development. It was extracted 51 000 tons of rich martite iron ore.