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Raspadsky wins coal Kuzbass coal rights

2.11.2006


KEMEROVO. Nov 2 (Interfax) - CJSC Razrez Raspadsky, a member of the Raspadskaya coal group, won a November 2 auction for the rights to the Raspadsky IX-XI coal block in the Kemerovo region, an Interfax correspondent reports.

The Raspadsky IX-XI section of the Raspadskoye coal deposit (15 km southwest of Mezhdurechensk) holds an estimated B+C1 coking coal reserves of about 111 million tonnes, and C1 off-balance resources of about 7 million tonnes.

The winner bid 126 million rubles - just above the starting price of 120 million rubles. Yuzhkuzbassugol of Novokuznetsk also registered to take part in the auction, but it did not make any bids.

The winner will have to build an open-pit mine with capacity to produce at least 1 million tonnes of coal per year within 10 years of license registration. Commercial coal production must begin in four years. The exploration and mining license is valid 20 years, but this term could be adjusted, depending on the technical plans.

OJSC Raspadskaya quoted its board chairman, Alexander Vagin, as saying the acquisition had boosted Razrez Raspadsky's reserves almost five-fold and had given it a firm resource potential, as per its long-term strategy.

IMC E&E Consulting has estimated that the Raspadskaya group had proved and probable reserves of 782 million tonnes and resources of 1.461 billion tonnes audited to JORC standards at June 30, 2006.

Raspadskaya's facilities include two active underground mines, an active open-pit mine, a coal preparation plant and one underground mine under construction, as well as own coal transportation network and a number of integrated infrastructure companies. In 2005, the company produced 9.7 million tonnes of coking coal, down from 10.6 million tonnes in 2004.

The Fuel and Energy Central Dispatch Center has said that Raspadskaya produced 5.135 million tonnes of coking coal in the first half of 2006. This included coal produced by the consolidated assets Raspadskaya deep mine, MUK-96 and Raspadsky strip mine. Raspadskaya was the country's biggest coking coal producer in the half. Its closest rival, Yuzhkuzbassugol, mined 4.746 million tonnes of 7.57% less.

Raspadskaya is offering 18% of its stock in an IPO. Raspadskaya's principal shareholder, Corber Enterprises Limited, will offer the shares. Corber Enterprises Limited is ultimately owned on a 50/50 basis by Raspadskaya management led by Gennady Kozovoi, the general director, and Alexander Vagin, chairman of the board of directors, on the one hand and Evraz Group on the other. It holds 98% of Raspadskaya's common shares.



Source: Interfax
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