Evraz launches construction of a new coal mine (5854M)
August 18 2011 - 2:00AM
UK Regulatory
TIDMEVR
RNS Number : 5854M
Evraz Group S.A.
18 August 2011
EVRAZ Launches Construction of a New Coking Coal Mine
Yerunakovskaya-VIII
18 August 2011 - EVRAZ Group S.A. (LSE: EVR) (the "Company")
launches construction of a new coking coal mine Yerunakovskaya-VIII
within its existing coal mining division Yuzhkuzbassugol (Kemerovo
region, Russia). The total investment in the project will be c.17
billion roubles (approximately US$590 million) spent over the next
three years. The coal mine is planned to start operations by
mid-2013. By the end of 2014, the mine is expected to reach a total
production capacity of 2 million tonnes of raw coking coal per
annum.
Mine development will start from the Yerunakovskiy-VIII deposit
with the potential for further expansion into the
Yerunakovskiy-Vostochnyi deposit. Joint development of the two
deposits will provide long-term stable mining operations and a
guaranteed supply of high-quality hard coking coal. The estimated
reserves of the new areas being developed are in excess of 85
million tonnes.
The mine will be built in accordance with the highest standards
of safety, health and environmental protection. It involves
preliminary and in-seam methane drainage as well as construction of
wastewater treatment facilities. Additionally, the Company will
build a new handling capacity at Kazankovskaya railway station and
a new local motorway for coal transportation.
This project is in line with EVRAZ's strategy to further develop
its coal mining operations. Construction of the new mine will
increase the level of vertical integration, providing its
steelmaking facilities with high quality coking coal.
###
For further information:
Media contact: Oleg Kuzmin VP, Corporate Communications +7 495
937 6871 media@evraz.com
Investor contact: Alexander Boreyko Director, Investor Relations
+7 495 232 1370 ir@evraz.com
EVRAZ GROUP S.A. (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. In 2010, the Company produced 16.3 million tonnes of crude
steel and sold 15.5 million tonnes of steel rolled products.
EVRAZ's internal consumption of iron ore and coking coal is covered
by its mining operations. EVRAZ's consolidated revenues for the
year ended 31 December 2010 were US$13,394 million and consolidated
adjusted EBITDA amounted to US$2,350 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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