Timchenko structures financing purchase of 51% Kolmar stake from InterGeo
MOSCOW. July 6 (Interfax) - A joint venture between two companies controlled by Gennady Timchenko - Gunvor and Volga Resources - is financing the purchase of 51% of shares in Kolmar LLC from structures controlled by InterGeo, which manages the mining projects of Mikhail Prokhorov's Onexim group, the Timchenko companies said in a statement.
The loan might subsequently be converted into shares.
The remaining 49% in Kolmar belongs to Anatoly Mitroshin's Bixcut Holdings Ltd.
Kolmar will undergo a massive restructuring in the coming six-eight months, a source close to Gunvor told Interfax. Once completed, a decision will be made on whether to have the Timchenko structures take a stake in Kolmar.
Mitroshin is a co-founder along with Mark Rutberg of CJSC Nord Shakht Stroy, according to the SPARK database. Bixcut is one of the founders of CJSC Kolmarproyekt. Nord Shakht Story and Kolmarproyekt co-founded CJSC Kolmarproyekt Management Company.
Bixcut and Montlink have concluded an agreement on partnership in further developing the Kolmar group, the press release from the Timchenko companies says. The agreement provides for joint investment in extraction, enrichment and sale of high-grade coking coal on the domestic and export markets.
"This deal marks our entry into the Russian coal industry. Comprehensive understanding of the Russian energy market and experience in the raw materials trade will enable us to make a substantial contribution to development of the Kolmar group, which should result in creation of a significant number of high-paying jobs in Yakutia," Gunvor co-founder and board chairman Torbjorn Tornqvist said.
InterGeo acquired the controlling stake in Kolmar in April 2010.
Kolmar has 363 million tonnes of ABC1 coal reserves registered on its balance sheet. Assets include the Denisovskaya mine and the Inaglinsky pit. It will produce approximately 3 million-4 million tonnes of coal a year.