Mechel to invest $650-$700m in Elginsky coal deposit in Yakutia
Mining and metallurgic company Mechel has announced plans to invest $650-$700m in development of Elginsky coal deposit in the Republic of Yakutia by the end of the year.
Under plans, most of the funding is to be invested into construction of a 315-kilometer rail road to link the deposit and the Baikal-Amur Main railroad.
The funds are also to be spent building rail cars unloading stations, coal storage complex in Vanino port and other infrastructure facilities, the firm said.
The coal from the deposit is reportedly to be exported to Asian and Pacific countries through Vanino port.
The Elginsky deposit coal reserves are estimated at 2.1 billion tons.
The deposit is scheduled to be put into commission in November 2010.
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