Evraz Plc EVRAZ to sell Gramoteinskaya thermal coal mine (5062Q)
October 15 2013 - 2:06AM
UK Regulatory
TIDMEVR
RNS Number : 5062Q
Evraz Plc
15 October 2013
EVRAZ enters agreement to sell Gramoteinskaya thermal coal
mine
15 October 2013 - EVRAZ plc (LSE: EVR) ("EVRAZ") announces that
it has signed a binding agreement for the sale of the
Gramoteinskaya thermal coal mine, part of its wholly-owned
subsidiary Yuzhkuzbassugol Coal Company, to Lehram Capital
Investments Ltd. for RUB10,000 cash consideration, calculated on a
debt free basis.
The disposal is in line with EVRAZ's plan of divesting
non-performing assets. The Company is focusing on the development
of coking coal mines important for securing the access to raw
materials in steelmaking while the thermal coal mining business is
non-core to the strategy.
The Gramoteinskaya mine has a design capacity of 2.5 million
tonnes per annum of thermal coal and is located 100 km north of
Novokuznetsk, Kemerovo region, Russia. The mine produced and
exported thermal coal until mining operations were suspended in Q4
2012. Operations have not recommenced since then.
As at 30 June 2013, Gramoteinskaya mine had gross assets of
US$13 million. For the year ended 31 December 2012, the mine
produced a loss before tax of US$19 million.
EVRAZ will apply the proceeds from the sale for general
corporate purposes.
###
For further information:
Media Relations:
Vsevolod Sementsov
VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
Sergey Belyakov
Director, Investor Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
EVRAZ is a vertically integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine, USA,
Canada, Czech Republic, Italy and South Africa. EVRAZ is among the
top steel producers in the world based on crude steel production of
15.9 million tonnes in 2012. In 2012 EVRAZ sold 15.3 million tonnes
of steel products. A significant portion of the company's internal
consumption of iron ore and coking coal is covered by its mining
operations. The company's consolidated revenues for the year ended
31 December 2012 were US$14,726 million, and consolidated EBITDA
amounted to US$2,012 million. The H1 2013 consolidated revenue was
US$7,362 million and the H1 2013 EBITDA was US$939 million.
This information is provided by RNS
The company news service from the London Stock Exchange
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