Severstal obtains exploration and development license in Ulug-Khem coal basin

Wednesday, 22 September 2010 12:10:00 (GMT+3)   |  
       

The Russian steel and mining company Severstal has announced that it has obtained the license for further exploration and coal extraction at the Tsentralnyi field in the western part of the Ulug-Khem coal basin in Russia's Tyva Republic.

This license has been granted by Russia's federal agency of subsoil use Rosnedra within a tender announced in mid-June this year, with Severstal to pay Ruble 600 million (approx. $19.5 million) for it. 

The new license will give Severstal access to an estimated 639 million mt of high quality hard coking coal.

"This license is an important strategic development for Severstal Resources, significantly adding to our reserves and our ability to access new markets. It will also create a significant number of new jobs in the Tyva Republic region," Severstal Resources CEO Vadim Larin commented.


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