Evraz asks for deferred payment to hasten the launch of Timir

As the Kommersant discovered, Evraz asked Alrosa to allow it to defer payment of 2.97 billion rubles for a share in the iron-ore mining and metallurgical company Timir and the extension of the payment period to 2016. Evraz motivates its request by the fact that money is necessary to hasten the launch of the Timir’s Tayezhny GOK. The proposal is discussed, but Yakutia  govt (which owns the blocking package of Alrosa) has given preliminary support to the idea to avoid the failure of the project launch time.

Sources that are close to the companies told the Kommersant that Evraz addressed the proposal to Alrosa to pay the remaining amount of 2.97 billion rubles for 51% of Timir’s shares by installments. According to shareholder agreement of the parties, Evraz was to pay before the end of 2014, but the company proposed a new schedule of payments with makeup of the sum for three equal tranches in the amount of 990 million rubles each, which must be paid before the end of 2014, 2015 and 2016 respectively.