OJSC Irkutskenergo Acquires 50.1% Stake in LLC Erchim-Than
OREANDA-NEWS. OJSC Irkutskenergo acquired a 50.1% stake in the authorized share capital of LLC Erchim-Than. Under the sales and purchase agreement, the value of the stake totals RUB 1.299 bln.
LLC Erchim-Than mines for coal in the Sakha Republic (Yakutia) and develops the Eastern area at the Chulmakanskoye deposit producing coking coal. As of January 1, 2013, the company’s in-place reserves totaled 42,318.0 thousand tons; they are situated at a depth of 130 to 190 meters. Production target for 2013 set in the open-pit mining plan of LLC Erchim-Than amounts to 225 thousand tons. As part of its investment program, the company plans to implement a project to build a mine at the license area with the maximum production rate of up to 1,250 thousand tons of mined rock per year. The feasibility study for the project will be completed before the end of 2013. Currently, run-of-mine coal produced by the company is supplied to consumers immediately (without screening) in order to satisfy energy demand.