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EastRussia Newsletter: Gazprombank and A-Property agree to sell Elga
Gazprombank and A-Property have signed an agreement to sell a 49% stake in Elginsky coal deposit in Yakutia. The amount of the transaction was not disclosed, but according to preliminary estimates, it may amount to about 40 billion rubles, according to the next published issue of the EastRussia newsletter.
The agreement is an option that will be realized only if A-Property acquires another 51% of the Elga project from Mechel. The sale may take place in April.
According to preliminary data, Mechel expects to sell its stake in the project for about 100 billion rubles. To consolidate 100% of the Elga project, FAS allowed A-Property in February. Elga's coking coal reserves are 2,2 billion tons.
Detailed analytics on this and other relevant topics can be found in EastRussia Weekly Newsletter.