Evraz agrees with ALROSA upon the payments remainder installment for the controlling stake in "Timir" iron ore project.

Evraz has agreed with ALROSA about the payments of the remaining amount for the controlling stake in the "Timir" iron ore project for a three-year period in equal installments. ALROSA demanded the repayment of half of the payments /3 billion roubles/ this year, but, according to "the Kommersant", the position of the state-owned companies has managed to be changed with the help of the state representatives.

The fact that Roman Abramovich, Alexander Abramov and Alexander Frolov's Evraz, reached an agreement with ALROSA on installments via equal tranches on the remaining 2.97 billion roubles for 51 percent in the JSC "MMC "Timir", a source close to the negotiations stated. One of them explained that the agreement was signed this week, it involves the payment by installments in three equal tranches in 2014-2016. Under the terms of the purchase of the "Timir" controlling stake, which owns the licenses for the iron ore deposits in Yakutia, Evraz had to pay the diamond mining company about 1, 5 billion roubles in April this year. In March Evraz asked ALROSA for a three-year installment payment plan on the terms of the direction of these payments to the development of "Timir". But Alrosa did not agree, and in May, Fyodor Andreyev, its president, stated that the company had already begun to pursue Evraz in the courts about the breaking of the terms of the payments.