20 Mar 2013 19:04

Belon reassigns licenses for 3 sections to subsidiary

KEMEROVO. March 20 (Interfax) - OJSC Belon, a coal producer owned by Magnitogorsk Iron & Steel Works (MMK) , has reassigned the licenses for the first through third Novochabatsky subsoil sections at the Krasnobrodsky bituminous coal deposit to its subsidiary LLC Novobachatsky Strip Mine.

According to Belon's materials, its board of directors made this decision on Monday.

The board also approved the creation of a new company. According to the materials, the board decided that "OJSC Belon will participate in LLC Novobachatsky 2 by means of establishment."

Interfax was unable to obtain comment from Belon on the reassignment of the licenses and the creation of a new company.