NLMK to bid for coal development in Tuva

Friday, 25 June 2010 16:45:28 (GMT+2)

Stoilensky Mining and Beneficiation Plant (Stoilensky GOK), a subsidiary of the Russian steel producer Novolipetsk Steel (NLMK),which does not have its own coal reserves, is going to bid for the right to develop coal in the central western part of the Ulug-Khem coal basin in Russia's Tuva Republic. Reportedly, Russian steelmaker Severstal may consider bidding for the deposit as well.

The area's coal reserves of C1 and C2 category have been estimated at about 640 million mt, with coal of Zh grade prevailing. The initial payment has been fixed at Ruble 589 million (about $19 million), with the winner to be determined on September 21 this year.

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