15th Oct 2013 08:06
LONDON (Alliance News) - Evraz PLC said Tuesday it has agreed to sell the loss-making Gramoteinskaya thermal coal mine, part of its wholly-owned Russian subsidiary Yuzhkuzbassugol Coal Company.
The global mining and minerals company said it has signed an agreement to sell the site for a token RUB10,000 in cash to Lehram Capital Investments Limited.
Evraz said that the disposal is part of its ongoing strategy to get rid of badly performing assets, and the company is putting its focus on developing its coking coal mines for steel-making.
The Gramoteinskaya mine has a production capacity of 2.5 million tonnes per annum of thermal coal and is located 100 kilometres north of Novokuznetsk, in the Kemerovo region of Russia. The Gramoteinskaya mine had gross assets of USD13 million on June 30 and for the year ended December 31, 2012, the mine produced a loss before tax of USD19 million.
Evraz shares were up 1.9% to 132.20 pence, putting it among the top ten FTSE 250 gainers in early trading Tuesday.
By Tom McIvor; [email protected]; @
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