Evraz says board approves construction of $228 mln vanadium plant

MOSCOW, Aug 5 (PRIME) -- The board of directors of U.K.-based mining giant Evraz, which operates mainly in Russia, has approved construction of a U.S. $228 million vanadium plant in the Tula Region, the company said in a statement on Thursday.

The plant can be launched in 2025.

The company also said that it plans to spin coal assets off until 2022.

"Speaking about spinning off Evraz’ coal business, I must say that we have reached serious progress in the talks on the matter and confirm our intent to finish the transaction before the end of 2021 if all required approvals are obtained," CEO Alexander Frolov said.

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