Mar 20, 2020· Mechel is partnered by Gazprombank in the Elga coal project. Mechel, currently, has a 51% stake in the Elga coal project. The remaining 49% stake in the Russian coal project was sold by the mining and steel company in mid-2016 to its main creditor Gazprombank. The Elga coal project is located in south-eastern Yakutia, about 415km east of Neryungri.
Mining at the Elga open-pit began in August 2011, producing some 200,000 metric tons by the year's end. "The railway's completion is one of the most complicated and important stages in implementing the unique project of developing the Elga coal deposit, which is one of the world's largest coking coalfields.
The funds are to be used to complete the first phase of the Elga deposit's development project, which 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.
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Mar 23, 2020· MOSCOW: Russian businessman Albert Avdolyan has reached an agreement to buy a 49 per cent stake in the major Elga coal project in Russia from Russian lender Gazprombank, the bank said in a statement on Monday. Avdolyan's company A-Property is still in talks to buy the remaining 51 per cent in the project from Russian steel and coal producer Mechel.For indebted Mechel, Elga is the …
Mechel began constructing the Elga railway link in February 2008. The railway was built in difficult climatic and geological conditions. A total of 76 bridges were built in the course of the railway's construction. Mining at the Elga open-pit began in August 2011, producing some 200,000 metric tons …
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Apr 24, 2020· The Elga coal deposit is one of the world's largest deposits of high-quality coking coal with reserves estimated at 2.2 billion tonnes. Elga deposit is available for open-pit mining, which is much cheaper, more efficient and safer than underground mining. Elga coals are rare for the Russian coal market due to their high-quality characteristics.
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Considering the plans of Elga to increase coal mining to 18 mio t, acquisition of Sibanthracite may ramp-up overall A-Property's extraction volumes to 40-44 mio t in 2021 and make A-Property one of the three largest Russian coal producing companies after Andrey Melnichenko's SUEK, extracting 101.21 mio t (-4.95 mio t or -4.7% to 2019) and ...
Oct 16, 2012· Mechel Mining OAO, a unit of Russian miner Mechel OAO (), has clinched the Minex-2012 Mining Excellence Award's "Investor of the Year" award for the development of its Elga coal project.This is the second straight win for the Moscow-based company. Last year, the company's Elga project received the award for "Successful Development of a Mining Industry Project".
Apr 22, 2014· Mining and metals firm Mechel is anticipated to sign a deal with Export-Import Bank of China (China Exim Bank) to secure financing for the development of its Elga coal project in Russia. Although Mechel has $9.4bn of debt as of December 2013 due to a drop in coal prices, the mining firm is seeking to develop the Elga project, which has ...
"Elga is the main project of Mechel, without it there will be nothing interesting from the company," says Kirill Chuiko, head of the analytical department at BCS Global Markets. Mechel owns 51% each of the three assets of the Elga project - Elgaугule, Elga Road and Mechel Trans East, 49% each of these companies are owned by Gazprombank.
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