ALROSA demands Evraz to pay its debt for Timir

Evraz didn’t manage to coordinate a delay of the payment of 2.97 billion rubles for the stake in the iron ore company Timir until 2016  with ALROSA. As the Kommersant has got to know, the diamond mining company demanded for prompt payment of about 1.5 billion rubles and the penalty interest (Libor + 5 % for each day of delay) from its  project partner. Sources of the Kommersant believe that the parties still have a change to agree, but analysts doubt the reasonability of this.

A source that is close to one of the parties reported to the Kommersant about the ALROSA’s demand for repay a part of the debt for a stake in Timir (operator of an iron ore project in Yakutia) from Evraz. According to him, ALROSA’s president Fyodor Andreev sent a corresponding letter to Evraz Plc (the parent company), registered in London. "The seller was to transfer a second partial payment in the amount of 1.485 billion rubles before April 10, 17:00 of Moscow time, but it didn’t do this," - he said, added that the Andreev’s letter was dated April 11. In addition to the immediate payment of this amount, ALROSA requires to transfer penalty interests (Libor + 5 % for each day of delay), he added

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