Kolmar to supply 550,000 tonnes of coal to Chinese metals plants in 2012-2016
YAKUTSK. May 23 (Interfax) - The Kolmar Group has signed a framework contract for exports of coal to China with Yingkou Heli Renewable Resources Development, the spokesperson for Yakutia's Transport Ministry, Tuyara Kharitonova told Interfax.
She said Kolmar will supply 550,000 tonnes of Zh-grade hard coal from the Zyryansky mine in Yakutia to metals plants in Shanghai in 2012-2016 under the contract.
Kolmar plans to ship about 30,000 tonnes of coal to China in the period from mid-August to mid-October this year. Logistical issues are now being considered, Kharitonova said.
Kolmar mined 1.3 million tonnes of coking and fat coal in 2011. Kolmar, founded in 2004, holds licenses to mine K, Zh and KZh grade coals and has total ABC1 reserves of 363 million tonnes under the Russian classification.
Intergeo Management Co., which manages the mining projects of billionaire Mikhail Prokhorov's Onexim Group, acquired a controlling stake in LLC Kolmar in April 2010. Prokhorov became owner of 99.99% of LLC Intergeo Management in July 2011.
At the same time, oil trader Gunvor announced plans for it and investment fund Volga Resources, both controlled by Gennady Timchenko, to acquire a controlling stake in Kolmar from Intergeo. The companies initially planned to close the deal by the end of February 2012.
"The deal has not been closed yet. The delay is purely technical in nature and due to the fact that the restructuring of the asset is taking longer than previously expected," a representative of Volga Resources told Interfax on Wednesday. The process is expected to be completed in the next few months, he added.
The remaining 49% stake in Kolmar is owned by Bixcut Holdings Ltd., which is controlled by Anatoly Mitroshin.