Mechel announces that its contract with China’s steelmaking major Baosteel Resources corporation, which provides for an increase of coal supplies to 1.2 million tonnes of coking coal a year, has been prolonged.
According to the memorandum signed at Baosteel Resources’ Shanghai headquarters, Mechel Carbon Singapore will supply Baosteel Resources with up to 1.2 million tonnes of coking coal. The agreement will be valid from April 2014 through March 2015, with a possibility of further prolongation. Prices will be determined on a monthly basis. Mechel Carbon Singapore has fully met its obligations according to the earlier contract, having shipped a total of 960,000 tonnes of coking coal to Baosteel enterprises in China’s eastern and southern provinces. As part of last year’s agreement, Mechel Carbon Singapore also made test shipments of PCI coals, as well as steam coal from the Elga deposit.
Mechel reports that its subsidiary Мechel Somani Carbon Private Limited launched a screening facility at coal terminal in Vishakhapatnam on India’s east coast. This will greatly expand Mechel’s capacity for marketing coal on the promising Indian market.
Mechel Somani Carbon Private Limited’s screening facility on the basis of the coal terminal enables the company to sort anthracites supplied by Mechel’s mining enterprises. Its chief consumers are small and medium-sized businesses. The screening facility’s project capacity is set at up to 250,000 tonnes a year.
Mechel announces that project company Elgaugol OOO, which is part of Mechel Group, and State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” signed agreements for the second and third credit lines of project financing for developing Elga Coal Complex’s first phase, for 2.085 billion US dollars and 418.7 million US dollars respectively.
The second credit line, totaling 2.085 billion US dollars, will be used to finance construction of Elga Coal Complex’s facilities until the complex’s coal mining and processing capacity reaches 11.7 million tonnes of run-of-mine coal a year, as well as completion of works aimed at increasing the Ulak-Elga railway’s capacity.
Mechel reports successful tests of the new coal export terminal at Primorye Region’s Port Posiet. Modernization of the port’s facilities will enable the company to significantly increase export to the Asia-Pacific countries. The project’s cost is estimated to total some 4.5 billion rubles.
The first stage of Port Posiet’s technical revamping provisions for a cargo turnover growth to up to 7 million tonnes a year. With the new coal export terminal, the port will be able to unload some 400 wagons a day (28,000 tonnes of coal) and load about 30,000 tonnes of coal daily onto cargo vessels.
Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International Lenders
Mechel has just announced it has reached an agreement to extend the grace period and maturity of its USD 1 billion syndicated facility to the end of 2014 and 2016 respectively.
The process was coordinated by ING Bank N.V., Societe Generale and VTB Capital.
The agreement was signed on behalf of a syndicate of leading international banks, including ABN Amro, BNP Paribas, Caterpillar Financial Services Corporation, Commerzbank Aktiengesellschaft, ICBC (London) plc., ING Bank N.V., Natixis, Raiffeissen Bank International AG, Societe Generale, UniCredit, VTB.
Mechel announces that JSC "Elgaugol" project company has received the 150-million-dollar first tranche of the project financing for Elga Coal Complex’s first stage totalling 2.5 billion US dollars from Vnesheconombank.
Currently development of the rich Elga deposit is a key investment project for Mechel. Receiving these funds enables the company to continue working on this project regardless of market volatility and attain planned results as scheduled. “The quality of Elga’s coals and Elga’s geographic location make this project one of the most efficient in the world,” Chairman of Mechel OAO’s Board of Directors Igor Zyuzin said.
Mechel reports its participation in the 19th International Industrial Exhibition Metal-Expo’ 2013, which was held at the All-Russia Exhibition Center in Moscow on November 12-15, 2013.
Mechel announces that Vnesheconombank’s (VEB) Supervisory Board approved financing totaling 2.5 billion US dollars for the development of Elga Coal Complex (Republic of Sakha (Yakutia))’s first stage.
The terms of the financing call for Vnesheconombank’s funds to be used to complete the first phase of the Elga deposit’s development project. The first stage includes construction of a railroad and a mining and washing complex with an annual capacity of 11.7 million tonnes of run-of-mine coal by 2017. The project’s implementation will create over 5,000 new jobs.
Mechel announces signing an agreement for the disposal of Donetsk Electrometallurgical Plant AO.
Mechel announces signing an agreement with businessman Vadim Varshavsky for the disposal of 100% shares of Daveze Limited, which in its turn owns 100% shares of Donetsk Electrometallurgical Plant, for a nominal sum of 2,000 euro.
Mechel reports selling 100% of shares of British-based steel plant Invicta Merchant Bar and its debt to Mechel to privately-owned Helium Miracle 127 LLP for 1.1 million pounds sterling.
Invicta Merchant Bar is a steel plant producing round, square and strip long rolls of various steels, located on Britain’s south-east coast. It was part of Mechel Group since 2011. At the time of its stoppage in January 2013, it employed 78 people.
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