MOSCOW, July 17. /ITAR-TASS/. UK’s steel and mining giant Evraz Plc, which operates mainly in Russia, has agreed the delay of a 2.97 billion rouble ($85 million) payment for a 51% stake in the iron ore project Timir with diamond giant ALROSA, business daily Kommersant reported on Thursday citing sources close to the matter.

Evraz will pay the 2.97 billion roubles within three years in three equal tranches, the source said.

In April, Evraz purchased 51% in the Timir project for 4.95 billion roubles. Later the company asked to postpone the first 1.5 billion rouble payment for six months and the remaining 3 billion rouble payment for three years. The proposal was rejected at first, but later approved after consideration by Deputy Prime Minister Igor Shuvalov.

As a result of the deal, ALROSA will keep a 49% minus one share stake, while state-owned Vnesheconombank (VEB) will own 1 share.

Timir holds licenses to develop the Tayozhnoye, Desovskoye, Tarynnakhskoye, and Gorkitskoye deposits in Yakutia with a total balance of reserves at 4.8 billion tonnes of iron ore.