Further to its statement of March 11 this year, Russia-based Evraz Group has announced that due to high market volatility it has discontinued ongoing negotiations on the potential sale of its 40 percent indirect equity stake in the Russian coal producer Raspadskaya.
"Raspadskaya is a good quality asset and one of the best coking coal producers in Russia," commented Evraz CEO Alexander Frolov. "Evraz is fully supportive of the managing shareholders of Raspadskaya in the implementation of the Raspadskaya mine restoration program and is confident that this program will realize the full fair value of the asset. We consider the likelihood of us disposing of our stake in Raspadskaya over the next 12 to 18 months as low for the reasons already stated, although we do not rule out this possibility in the long term," he added.