OJSC Irkutskenergo acquires a 50.1% stake in the authorized share capital of LLC Erchim-Than on July 24
On July 24, OJSC Irkutskenergo acquired a 50.1% stake in the authorized share capital of LLC Erchim-Than. Under the sales and purchase agreement, the value of the stake totals RUB 1.299 bln.
LLC Erchim-Than mines for coal in the Sakha Republic (Yakutia) and develops the Eastern area at the Chulmakanskoye deposit producing coking coal. As of January 1, 2013, the company’s in-place reserves totaled 42,318.0 thousand tons; they are situated at a depth of 130 to 190 meters. Production target for 2013 set in the open-pit mining plan of LLC Erchim-Than amounts to 225 thousand tons. As part of its investment program, the company plans to implement a project to build a mine at the license area with the maximum production rate of up to 1,250 thousand tons of mined rock per year. The feasibility study for the project will be completed before the end of 2013. Currently, run-of-mine coal produced by the company is supplied to consumers immediately (without screening) in order to satisfy energy demand.
Oleg Prichko, CEO of OJSC Irkutskenergo: “Five years ago, OJSC Irkutskenergo consolidated open-pit coal mines in Eastern Siberia. We continue expanding our coal business. As there is access to railway infrastructure and mining facilities of LLC Erchim-Than are located so conveniently and are relatively close to ports in the Russian Far East, this asset is especially attractive. It also has additional advantages, such as a possibility for building up commercial coal reserves by integrating adjacent license areas and subsequently developing coal seams across the whole of Southern Yakutia, and producing coal with similar properties in a similar environment.”
Press service of OJSC Irkutskenergo
July 25, 2013