OAO Severstal Obtains License to Further Develop Tsentralnyi Field
09/24/2010 - ОАО Severstal has obtained a license for further exploration and coal extraction at the Tsentralnyi field in the western part of the Ulug-Khemskiy basin in the Tyva Republic, Russia. The license gives Severstal access to an estimated 639 million tonnes of high-quality hard coking coal.
ОАО Severstal has obtained a license for further exploration and coal extraction at the Tsentralnyi field in the western part of the Ulug-Khemskiy basin in the Tyva Republic, Russia.
The new license—granted by Rosnedra, the Federal Agency of Subsoil Use—will give Severstal access to an estimated 639 million tonnes of high-quality hard coking coal. Severstal will pay $19.5 million for the license.
“This license is an important strategic development for Severstal Resources, significantly adding to our reserves and our ability to access new markets,” said Vadim Larin, CEO Severstal Resources. “It will also create a significant number of new jobs in the Tyva Republic region.”
