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ELGA, June 27. /ITAR-TASS/. Russian metals and mining group Mechel will boost coal sales to China 19% to 7.5 million tons in 2014, Mechel Mining Management CEO Pavel Shtark told reporters Friday.
Sales to Japan will grow by 42% to 1.85 million tons and to South Korea 43% to 1 million tons.
“By now, the share of long-term contracts of Mechel Mining stands at 32%, or at almost one third of all contracts. We are currently negotiating on coal supplies from the Elga deposit mainly with Japanese companies NSSMC, Nisshin, KSL, NCE and JFE,” Shtark said.
Development of Elga deposit
The company will spend 2.5 billion rubles to maintain the Mechel Mining capacities in 2014 and 26 billion rubles more on the development of the Elga deposit, he said.
Mechel may get another tranche of loan on the Elga field development from Vnesheconombank (VEB) in August-September, he said.
Elgaugol, which operates the Elga deposit, earlier signed agreements with VEB on the second and third credit lines totaling $2.5 billion for 13.5 years to finance the first stage of the Elga infrastructure building.
The output plan for Elga in 2014 was reduced to 1 million tons from 2.2 million tons, Shtark said. This year, the company will concentrate on the extension of capacities of the railroad to the deposit, on making the seasonal dressing plant operate year-round and on preparing the power infrastructure, he said.
Shtark separately said that Mechel is in talks to sell Moscow Coke and Gas Plant and Mechel Bluestone in the US. “Mechel Mining has set for sale Moscow Coke and Gas Plant and Mechel Bluestone. We are holding negotiations. There are interested investors, but it is too early to disclose the details,” he said.