Mechel acquires license for three coal fields

Mechel acquires license for three coal fields

Russian steel producer Mechel announced on Friday that its subsidiary Southern Kuzbass Coal Company won auctions to explore and mine coking coal at three plots with a total reserve of 880 million tons. As the winner of the auction, Mechel will have a 20-year license for these fields. For these three coal fields, namely Olzherasskaya Mine plot of the Olzherassky Coal Deposit, the Razvedochny plot of the Raspadsky Coal Deposit, and the Sorokinsky plot of the Sibirginsky and Tomsky Coal Deposits, Mechel paid $69.3 million. Mechel announced that these license acquisitions are a part of company's strategy to develop its mining segment.