UPDATE2: CEO: Kolmar to invest $2 bln in plant, port in Far East till ‘21

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NERYUNGRI, republic of Yakutia, Feb 21 (PRIME) -- Coal producer Kolmar plans to invest about U.S. $2 billion in a plant on the territory of accelerated development Southern Yakutia and a terminal in the free port of Vladivostok until 2021, CEO Sergei Tsyvilyov told reporters on Wednesday.

Construction of the Inaglinsky plant comprising an enrichment facility and three mines will require 62 billion ruble investments and the first stage of the port will require 33 billion rubles.

“We have already financed 5 (billion rubles) of that amount and 28 (billion rubles) are left. The sum of the second stage is being adjusted. In accordance with the project, it will be lower because a part of the infrastructure of the first stage is used. We will invest about $2 billion in development in three–four years taking these projects into account,” Tsyvilyov said.

He also said that Kolmar will invest in development of own transport company.

The company plans to invest 25 million rubles in development of a new airport in Neryungri, Tsyvilyov also said.

Kolmar plans to diversify business in 2019, he said. “The company will not limit itself to coal development. Next year we will rebrand as a mining company. There are large mineral fertilizer, iron ore and gold reserves in the south of Yakutia. Many things can be done here. Coal is our first experience.”

The company earlier signed long-term supply contracts with Chinese and Japanese consumers of coking coal, and it also plans to expand its geography to Korea, Vietnam and India, Tsyvilyov said.

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