MOSCOW, Apr 22 (PRIME) -- Russian metals and mining group Mechel has closed a deal to sell its 51% in the Elga coal project to A-Property for 89 billion rubles and will use the money to redeem debts to VTB Bank and Gazprombank, the company said in a statement on Wednesday.
“Mechel sold its stakes of 51% in Elgaugol, Elga-Doroga, and Mechel Trans Vostok to A-Property. The sum of the deal amounted to 89 billion rubles including the control premium. The buyer also redeemed all liabilities of Michel to state development corporation VEB.RF amounting to U.S. $107 million,” the company said.
(76.2562 rubles – U.S. $1)
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