Mechel to repawn Elga

Mechel of Igor Zyuzin has created an engineering company Elgaugol to attract a loan in the amount of $2.5 billion from Vnesheconombank for development of the Elginskoye deposit. It must receive a license for development of Elga and its asset complex, which belong to Yakutugol now. 49% of the engineering company may be pawn to Vnesheconombank. But Mechel will have to obtain approval of the scheme from creditors of Yakutugol, the Kommersant writes.
Details of the supposed scheme of the financing of the Elginskoye coal deposit project, developed by Mechel of Igor Zyuzin, by Vnesheconombank became known. Sources, who are familiar with the negotiations, say that Mechel has created a separate company – Elgaugol – to attract a project financing for Elga. According to SPARK, the company was created on August 14; it owners are parts of the holding company Yakutugol (99.99%) and Mechel-Mining (0.01%). Yakutugol is a holder of the license for Elga and owner of a complex, built for its development (Mechel invested $2.1 billion into the project). Sources say that Mechel must transfer the license and the asset complex to Elgaugol. According to this scheme, 49% of this company will be pawn to Vnesheconombank and besides the bank will be able to buy a share in the amount of 0.01% for 100 rubles under condition of its sale to Mechel at the same price in 14 years.