En+ firm bidding for new section of Kaa-Khemskoye coal field in Tuva
TOMSK. Oct 11 (Interfax) - LLC Tuva Mining Company, a unit of the En+ Group, has submitted a bid to take part in the December 15 tender for the rights to part of the Kaa-Khemskoye hard coal deposit.
"One bid has been submitted, from Tuva Mining Company, which already has two licenses: for the Kaa-Khemskoye deposit [open-pit mining - ed.] and Chadanskoye deposit," the head of geology and licensing at the Tuva mineral resources department, Nina Shevtsova told Interfax.
She said the tender is offering the rights to the western part of Kaa-Khemskoye - sections 1, 2 and 3, which are intended for deep mining.
"The working group has concluded that the applicant has provided all the necessary documents," Shevtsova said.
She said her department has until October 25 to decide whether to allow Tuva Mining to bid in the tender, and if it does the company will have until November 21 to submit its project proposal for the property. If all the company's documents meet the department's requirements, the tender will be declared valid and Tuva Mining, as the only bidder, will get the license.
The starting price for the sections is 644 million rubles.
Kaa-Khemskoye is located in the Kyzyl district of Tuva, in the eastern part of the Ulug-Khem coal basin. The deposit's coal reserves for deep mining were calculated in 1974 and amount to 231.35 million tonnes (A+B+C1), including 212.37 million tonnes GZh rank and 18.98 million tonnes G rank; C2 reserves amount to 3.94 million tonnes and resources total 9.37 million tonnes. The coal is considered easy to enrich, yielding up to 80% concentrate.
Tuva Mining Company, along with Erchin-Tkhan, is part of En+Coal, which manages the group's coal assets.
Tuva Mining closed 2010 with a net profit of 95.1 million rubles on revenue of 949.6 million rubles, according to the SPARK database.
