Licence to develop a coal field-CORRECTION (7419U)
October 20 2010 - 12:57PM
UK Regulatory
TIDMEVR
RNS Number : 7419U
Evraz Group S.A.
20 October 2010
This announcement replaces the RNS announcement number 7359U
released at 16:46 today, 20 October 2010.
The first sentence in the 3rd paragraph should read as
follows:
The Eastern field has high quality hard coking coal (grade Zh
under Russian classification) reserves, including inferred
resources of more than 550 million tonnes and out-of-balance
reserves of more than 100 million tonnes.
Evraz Wins Licence to Develop Eastern CokingCoal Field in
Russia
20 October 2010 - Evraz Group S.A. (LSE: EVR) ("Evraz") today
announced that it has won the tender to develop the Eastern field
of the Western part of the Ulug-Khemsky coking coal deposit in the
central part of the Republic of Tyva, East Siberia. The tender was
held by the Russian State Mineral Resources Agency. The licence
will cost 850 million roubles (approximately US$28 million) and is
expected to be received within two months.
The Eastern field is 800 km to the east of the city of
Novokuznetsk, where two of Evraz's steel mills are located. It
borders with the Mezhegey coal deposit, for which Evraz won the
licence in March 2010.
The Eastern field has high quality hard coking coal (grade Zh
under Russian classification) reserves, including inferred
resources of more than 550 million tonnes and out-of-balance
reserves of more than 100 million tonnes. Detailed plans for the
development of the Eastern Field will be prepared in due
course.
It will take approximately six years to carry out additional
exploration and project development. Mine construction is going to
commence in 2017. Full production capacity is expected to be
achieved by 2021.
Alexander Frolov, Evraz's CEO, said: "The acquisition of the
licence for the Eastern Field is in line with our strategy of
enhancing vertical integration into raw materials, and in this case
coking coal. This field is adjacent to the Mezhegey coal deposit,
and there are significant synergies based on sharing the
infrastructure needed to develop these two projects. Development of
the Eastern Field will not require substantial capital expenditures
until 2017."
###
For further information:
Media contact: Alex Agoureev VP, Public Relations +7 985 122
4822 media@evraz.com
Investor contact: Alexander Boreyko Director, Investor Relations
+7 495 232 1370
ir@evraz.com
Evraz Group S.A. is a large vertically-integrated steel, mining
and vanadium business with operations in the Russian Federation,
Ukraine, Europe, USA, Canada and South Africa. The Company was
ranked the 14th largest steel producer in the world based on crude
steel production of 15.3 million tonnes in 2009. Evraz's internal
consumption of iron ore and coking coal is covered by its mining
operations. Evraz's consolidated revenues for the six months ended
30 June 2010 were US$6 379 million and consolidated adjusted EBITDA
amounted to US$1,554 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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