Russia's Federal Antimonopoly Service (FAS) has approved Russian steelmaker Severstal’s request to purchase 100 percent of Russia-based Metall-Group LLC, which holds the license to mine the central section of the Yakovlevsky iron ore mine in Belgorod Region, according to the Moscow-based Interfax news agency.
The news agency stated that Severstal plans to become the sole owner of the Yakovlevsky mine, the proved reserves of which are 9.6 billion mt of high-grade iron ore.
In July this year, Severstal acquired from Russian bank Gazprombank rights for loans and accrued interest of Metall-Group LLC worth over RUB 12 billion as well as collateral for the loans. Severstal paid RUB 6 billion as part of the transaction.