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Russian companies are looking for business partners in Asia

Despite the sanctions imposed against the Russian Federation by the European Union and the United States, Russian enterprises continue to interest foreign investors. Only now Asian companies have come to the fore, the Vedomosti newspaper writes today.

The Russian mining and metallurgical company Mechel is negotiating with South Korean Posco and Chinese Baosteel to sell its stake in Elgaougle, which holds the license to develop the giant coking coal field in Yakutia. Mechel owns almost 100% of Elgaugol shares. Another shareholder is Vnesheconombank, which last year provided Mechel with a loan of $ 2,6 billion for the development of the field. Now, Mechel intends to sell non-core assets for $ 1 billion to repay the loan. The cost of coal at the Elga deposit, reaching the design capacity of the first stage of the mining plant (11,7 mln tons per year) in 2017, can be reduced to $ 35 - 40 per 1 t .

The Chinese company is interested from 26 to 50% in the project, as well as joint development of infrastructure, including the construction of a terminal in Vanino terminal for 3 million tons per year. On the details of negotiations with the Korean Posco is not reported.

According to Vedomosti, representatives of all interested parties declined official comments.

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