Evraz to gain control in a major Russian coal mine

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Associated Press

Posted on October 4, 2012 at 2:02 AM

Updated Thursday, Oct 4 at 2:06 AM

MOSCOW (AP) — Steelmaker Evraz is to gain control of one of Russia's largest coal mines after acquiring a half stake in Cyprus-based investment vehicle Corber Enterprises for an undisclosed sum.

London-listed Evraz, which is part-owned by tycoon Roman Abramovich and already owns half of Raspadskaya, says Thursday that it would increase its share in the mine to 82 percent by acquiring the half share in Corber.

The deal is due to be completed by the end of the year. The remaining 18 percent stake in the mine is listed on Moscow's MICEX stock exchange.

Raspadskaya, a key supplier of coal to Evraz, is one of Russia's largest coal mines with proven and probable coal reserves of 1.3 billion tons. The deal will make Evraz Russia's largest producer of coking coal.

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