Novosibirsk co acquires Severstal, Raspadskaya coal assets in Tuva

MOSCOW. Sept 4 (Interfax) - Novosibirsk-based Promresurs LLC has become the owner of 100% of Ulugkhemugol LLC, part of Severstal's mining division, and 81.3% of Mezhegeiugol Coal Company LLC, from Tuva and wholly owned by PJSC Raspadskaya .

The Unified State Register of Legal Entities was amended to reflect these changes on August 27 and September 3, respectively.

Ulugkhemugol is Severstal's only remaining coal asset after the sale of Vorkutaugol in 2022.

"The sale of Ulugkhemugol aligns with our strategy to reduce the use of solid fuels in the production chain," Severstal told Interfax.

The company received the right to explore and mine coal in the Ulug-Khem coal basin's Zapadny block in the Republic of Tuva in 2010. Mezhegeiugol, part of the Evraz Group, was also competing for the license at the time. The VNIGRIugol Federal State Unitary Enterprise said the block's coal reserves were C1- 250.52 million tonnes and C2 - 101.92 million tonnes, with 101.92 million tonnes of off-balance reserves.

The same year, Enisei Industrial Company, Evraz and Severstal signed a memorandum establishing a consortium to build the Kyzyl-Kuragino railway line, which would connect the coal deposits with the Trans-Siberian Railway. Enisei Industrial Company held a license to mine coal in the Ulug-Khem basin, and Evraz held a license to develop the eastern section of the western Ulug-Khem coal basin, bordering the Mezhegei deposit, also licensed to Evraz. State investment in the railway project was estimated at over 49 billion rubles and private investment at 81 billion rubles. However, the project was not carried out.

Raspadskaya, whose ownership was last disclosed was in 2022, when Evraz Group held a 93% stake, also confirmed the sale of Mezhegeiugol. "Raspadskaya has closed the sale. This coal mining asset is no longer part of the company," the company told Interfax.

Mezhegeiugol specializes in coal exploration and production at the Mezhegei deposit in Tuva. It holds licenses for this and the Vostochny property in the Western part of the Ulug-Khem coal basin, which was suspended due to delays in the construction of the Kyzyl-Kuragino railway. Production capacity at the Mezhegei deposit is 1 million tonnes of Zh grade coking coal per year. JORC-compliant proven and probable reserves of Zh coking coal are estimated at 86 million tonnes.

Promresurs LLC, registered in 2017, specializes in wholesale trade of solid fuels. It is owned by Sergei Dyakonov, who previously managed coal mines now shut in Kiselevsk and Prokopyevsk in the Kemerovo region. Dyakonov also currently owns 55% of Chelyabinsk-based software developer Logistic System Rus LLC.