EvrazHolding boosts investment in coal mines
Russia's leading steelmaker, EvrazHolding, detailed several projects aimed at expanding its mining activities and overhauling its production facilities. EvrazHolding targets an investment increase of 31%, which would bring the total to $480 million. The company earmarked $290 million of that amount for three of the group's metal companies located in Nizhny Tagil, Novokuznetsk and West Siberia. EvrazHolding will invest also $30 million in renewing the equipment of the group's main supplier, Kachkanarsky Mining Works. Of the remainder, $85 million is headed for Raspadanskaya coal mining company, while $80 million will go towards the Denisovskoye deposit in Yakutia. EvrazHolding hopes to extract five million tons of coal per annum from Denisovskoye, the bulk of which will be exported