MOSCOW, Feb 16 (PRIME) -- U.K.-based mining giant Evraz, which operates mainly in Russia, plans to invest 1 billion rubles in development of the Yesaulskaya coal pit in the Kemerovo Region, the company said in a statement on Thursday.
Under the investment project, the 29a coal bed with booked reserves of more than 10 million tonnes of gas-fat coking coal will be developed. Production at the coal bed will start in 2019 after the launch of the 29–37 coal face, and will allow the company to raise the average annual coal output in the pit to 2 million tonnes from 1.4 million tonnes, the company said.
“The current reserves of Yesaulskaya will be depleted in two and a half years. A switch to the new coal bed will help us keep the company and jobs,” Evraz said citing Sergei Stepanov, CEO of subsidiary coal producer Raspadskaya.
(56.7719 rubles – U.S. $1)
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