Russia’s Baisarov to get funds for Elegest-Kuragino railway Sep

MOSCOW, Jun 5 (PRIME) -- Tycoon Ruslan Baisarov will receive the first tranche of state financing of a Siberian railroad to the Elegest coal mine in September, Tuva Energy Industrial Corporation (TEPK), the operator of the project, said in a statement Thursday, citing Deputy Economic Development Minister Nikolai Podguzov.

“In June, the government must prepare an act which confirms the passport of the investment project,” he said.

“This is the main condition for disbursing the National Wealth Fund money. I think that we will be able to pay the first tranches in September.”

State-controlled Vnesheconombank (VEB), VTB Bank, and Sberbank will invest another 76 billion rubles, and private investors, including Baisarov, will invest 54 billion rubles, he said.

The project, to be completed in 2018, will link Elegest, that holds about 855 million metric tonnes of reserves , with the Kuragino railway station. Then the coal will be transported to the Far Eastern port of Vanino.

(35.1398 rubles – U.S. $1)

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