( (EnergyAsia, January 25 2013, Friday) — Mechel, a leading Russian mining and metals companies, said it has sold a part of its earlier acquired controlling stake in the Vanino port on the Pacific coast to investors.
In line with the conditions for financing the acquisition of a 55% stake in Vanino Sea Trade Port, subsidiary Mecheltrans OOO sold a part of the port’s common shares to Russian and foreign investors, retaining some 1.5% of the enterprise’s common shares.
Earlier, Mechel had announced acquiring the controlling stake in the port to expand coal exports to the Asian markets. Mechel paid 15.5-billion rouble. (US$1=30 rouble).
Port Vanino has begun handling Mechel’s cargo, with the first vessel leaving port earlier this week to deliver 30,000 tonnes of coal from Yakutugol Holding Company followed by a second vessel carrying 40,000 tonnes of Yakutian coal.
Access to Port Vanino’s transhipment capacities significantly enhances Mechel’s export potential in Asia and the Pacific and ensures guaranteed sales volumes for the Group’s coal products from Southern Kuzbass Coal Company OAO and Yakutugol Holding Company OAO, taking into account the Elga deposit development.