Rusal sells stake in coal field
- Publishing Date
- 24 Dec 2008 11:14am GMT
- Author
- Mining Journal
Russia's UC Rusal, the world's largest aluminium producer, said on Wednesday it had completed the sale of 50% of a coalfield to its Kazakh partner, state firm Samruk-Kazyna, formerly Samruk Holding.
In April, Rusal agreed to sell the stake in the Ekibastuz coal field in the region of the Bogatyr and Severny coal mines in the north of the Central Asian republic for US$345 million.
Rusal then said it expected to complete all legal and organisational procedures linked with the deal by September 2008.
By 2020, the Bogatyr and Severny are expected to produce 57Mt/y of coal. Before then the partners plan to convert an obsolete coal transportation scheme by truck and rail into a new network which will include a conveyor belt.
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