Yuzhny Kuzbass approves Mechel loan

摘要

Mechel, one of Russia's largest steel and mining groups, has negotiated a loan worth US$47M from Russian coal producer Yuzhny Kuzbass for MechelTrans, its harbour development, transportation and logistics subsidiary. It is understood that the loan will allow Mechel to start construction of a 25 mtpa coal terminal at the Russian Pacific port of Vanino to handle coal mined at the Elga coal field in Yakutia, Eastern Siberia. Coupled with the 12 mtpa Vanino bulk terminal built by SUEK in 2008, this would make Vanino Russia's largest coal terminal. The first stage of the terminal, with a capacity of 15 mt, is scheduled to open in 2012, while commissioning of the second stage, which will raise the capacity to 25 mt, is scheduled for 2015.