VEB Continues to Finance Elga Coal Deposit Development

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. 

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Vnesheconombank Can Support Roman Abramovich Through Buying Raspadskaya For Enormous $5.3 billion

Vnesheconombank (VEB) can buy up to 80% of troublemaking Raspadskaya coal mine, from its current owner Evraz Group and holding’s management for enormous $5,3 billion, Russian newspaper Vedomosti has reported citing Interfax sources.

This amount is 36% higher than current Raspadskaya market price on the exchange, while VEB performs as the buyer as there were no other buyers for the asset. Discussions about sale of Raspadskaya mine started after the series of explosions happened in May 2010, when 90 people found dead and mine was flooded. 

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