Elgaugol receives the first tranche in the amount of $150 million to develop the Elginsky coal complex

Mechel reports that the design company Elgaugol has received the first tranche in the amount of $150 million from Vnesheconombank within the project financing of the development of the Elginsky coal complex’ first stage to the total amount of $2.5 billion.

Today the development of the Elginskoye deposit – one of the world's largest  coke coal deposits – is the main investment project of Mechel. Due to financing, the company can continue to work on the project regardless the market fluctuations and reach planned rates in the scheduled time. “The quality of Elginsky coal and its good geographic location make this project one of the most efficient in the world,” – the Chairman of the Mechel’s Board of Directors, Igor Zyuzin noted.