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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.