Evraz stops spin-off of coal assets due to sanctions

MOSCOW, Apr 1 (PRIME) -- U.K.-based mining giant Evraz, which operates mainly in Russia, has stopped the spin-off of its coal assets in light of the sanctions pressure, the company said in a statement on Friday.

“In light of the unprecedented sanctions against Russia and its retaliatory special economic measures, which are beyond the control of the company, it has decided to cease the spin-off process,” Evraz said.

Evraz consolidated its coal assets within coal producer Raspadskaya at the end of 2020, and said then that Raspadskaya will include eight mines, two open-pit mines, and three concentrators in the Kemerovo Region and one mine in the republic of Tuva with combined reserves of 1.9 million tonnes of coal.

In December 2021, the boards of directors of Raspadskaya and Evraz approved the spin-off plans.

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