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Update: VEB board approves Mechel project

18 September 2013

Vnesheconombank’s board has approved a financing for Mechel to fund the development of the Elga Coal Complex.

Read more: VEB Vnesheconombank Mechel project finance Elga Elgaugol Yakutia coal Russia

The supervisory board of Russian development Vnesheconombank (VEB) has approved a project finance agreement for Russian metals and mining company Mechel to fund the development of the company’s Elga Coal Complex.

Mechel will use the $2.5 billion financing to fund the first stage of the project. This consists of construction of a railroad and a mining and washing complex with an annual capacity of 11.7 million tonnes of run-of-mine...

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