VEB approved credit to Mechel for the development of Elga coal deposit
Edited by Rhod Mackenzie / 2013-09-20 05:04:38
OJSC “Mechel”, the leading Russian mining and smelting company, has announced about the approval by the Supervisory board of the state-run corporation Vnesheconombank (VEB) of the deal on the provision of the financing for the development of the Elga coal deposit (the republic of Sakha, Yakutia) in the amount of $2.5 billion.
Under the agreement, the funds will be used for the completion of the 1st stage of the Elga development. The first stage includes a rail road and a complex on coal processing and production, which is going to produce 11.7 million tons of rough coal by 2017. There will be created more than 5000 new workplaces within the framework of implementation of the project.
