Russia's Mechel Lands $2.5B In Coal Project Funding

Law360, New York (September 18, 2013, 3:26 PM EDT) -- Mechel OAO, one of Russia's biggest mining companies, secured $2.5 billion from development bank Vnesheconombank for a coal extraction project in Yakutia, a large area in northeastern Russia, the company announced Wednesday.

The money will pay for the first phase of the so-called Elga Coal Complex, which will include a mine, a coal-washing complex and a railroad, the company said. Mechel expects the mine to produce 11.7 million tons of coal per year by 2017 and create 5,000 new jobs.

“With the help of Vnesheconombank’s funds...
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