RUSAL | 17 April 2008 г. | 11:19

UC RUSAL signs an agreement to sell a 50% coal mining share in the Ekibastuzskoye coal field to Samruk Holding

UC RUSAL signs an agreement to sell a 50% coal mining share in the Ekibastuzskoye coal field to Samruk Holding
UC RUSAL announces that, within the framework of its joint venture in Kazakhstan, it has signed an agreement to sell a 50% share in coal mining at the Ekibastuzskoye coal field to Samruk Holding managing state assets. The coal field is located at the Bogatyr and Severny coal mines in the Pavlodar region of Kazakhstan.

Under the signed agreement, Samruk Holding will pay UC RUSAL $345 mln accounting for a 50% share in coal mining at the Bogatyr and Severny coal mines. The cost of this stake was calculated by Deutsche Bank through a detailed audit and evaluation of the asset.
In November 2007 UC RUSAL and Samruk Holding signed an agreement to establish a joint venture to develop coal and energy industries in Kazakhstan. Under the joint venture, which is currently being established, UC RUSAL and Samruk Holding will produce and deliver coal to serve the Kazakh and Russian markets. The companies will also explore opportunities to use coal for the development of power generating assets as a basis for metals and mining production.
The parties will complete all legal and organizational procedures by September 2008.
 

 

Source: Metal Supply and Sales
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