MMK planning to sell two mines, enrichment plant - CFO
MOSCOW. Nov 14 (Interfax) - The MMK Group, whose main asset is OJSC Magnitogorsk Iron & Steel Works (MMK) is planning to sell two mines and an enrichment plant that are part of MMK's coal subsidiary OJSC Belon , MMK CFO Sergei Sulimov told journalists.
"This concerns the mines Chertinskaya Coke and South Chertinskaya, as well as the Kostroma plant," he said.
He did not say who would purchase the assets, noting only that this would likely concern Russian buyers.
Belon includes LLC Chertinskaya-Koksovaya Mine, LLC Chertinskaya-Yuzhnaya Mine, CJSC Kostromovskaya Mine, LLC Novobachatsky Open Pit Mine, OJSC Belovskaya Central Processing Plant and several service enterprises. Belon saw coal production in January-September 2014 fall 0.9% year-on-year to 2.587 million tonnes. Coal processing fell 2.8% to 3.585 million tonnes, while finished concentrate production was down 5.8% at 2.055 million tonnes.
MMK is one of Russia's largest metal producers. The company's main beneficiary is board of directors chairman Viktor Rashnikov with 86.6% of shares.
