Yuzhkuzbassugol, an affiliate of Russian mining and steel producing company Evraz Group (Evraz), has won the right to develop Mezhegeiskoye coking coal deposit, located in Russian Republic of Tuva, by offering the highest price of Ruble 16.94 billion ($724 million) in the auction of the deposit.
As winner of the auction, Evraz receives a license to develop the deposit in question for the next 20 years and is obligated to start producing at the designed production capacity within 66 months following the issue of the license.
Mezhegeiskoye coking coal deposit has an estimated reserve of 213 million mt.