Russian mining and steel group Mechel has announced that an agreement between Russian Development Bank (Vnesheconombank) and Mechel on allocating the first tranche of the project financing for Elga Coal Complex's first stage totalling $2.5 billion, was signed in the presence of the Russian Federation's Prime Minister Dmitry Medvedev.
The agreement for the $150 million tranche was signed by Vnesheconombank chairman Vladimir Dmitriyev and chairman of Mechel's board of directors Igor Zyuzin on the sidelines of the session of the government committee on the social and economic development of Russia's Far East, in the presence of Prime Minister Medvedev.