Yakutugol Launches Open Mining at Dzhebariki-Khaya
March 09 2017 - 7:30AM
Mechel PAO (MICEX:MTLR) (NYSE:MTL)
, one of
the leading Russian mining and metals companies, reports launching
open coal mining at Dzhebariki-Khaya open pit in Yakutia. The
deposit is worked by Yakutugol Holding Company AO, which is part of
Mechel Group.
The facility has been implementing the program
of shifting to open coal mining for several years in joint effort
with the Republic of Sakha (Yakutia)’s administration. Open mining
is more profitable and safe than underground mining. Mining at the
deposit has great social importance as the company supplies its
steam coal to housing and utilities providers in 16 of the
republic’s regions, including those beyond the Arctic Circle.
In summer 2016, underground mining was
completely halted at the deposit and stripping works began, with
nearly half a million cubic meters of overburden removed from the
coal bed.
All necessary equipment for open pit mining,
including an Atlas Copco drill rig, excavators, a Liebherr tracked
bulldozer, BelAZ trucks and ancillary equipment, has been acquired
for the pit. As the volume of mining and overburden works at the
pit increases, more equipment will be brought in.
The facility’s personnel has undergone
conversion training in new skills for working with the new mining
and conveyor equipment.
“The open pit’s project capacity is 320,000
tonnes annually. It will enable us to fully meet the fuel needs of
Yakutia’s northern and central regions,” Mechel Mining Management
OOO’s Chief Executive Officer Pavel Shtark noted.
Mechel is an international mining and steel
company. Its products are marketed in Europe, Asia, North and South
America, Africa. Mechel unites producers of coal, iron ore
concentrate, steel, rolled products, ferroalloys, heat and electric
power. All of its enterprises work in a single production chain,
from raw materials to high value-added products.
Some of the information in this press release
may contain projections or other forward-looking statements
regarding future events or the future financial performance of
Mechel, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. We wish to
caution you that these statements are only predictions and that
actual events or results may differ materially. We do not intend to
update these statements. We refer you to the documents Mechel files
from time to time with the U.S. Securities and Exchange Commission,
including our Form 20-F. These documents contain and identify
important factors, including those contained in the section
captioned “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in our Form 20-F, that could cause the
actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others,
the achievement of anticipated levels of profitability, growth,
cost and synergy of our recent acquisitions, the impact of
competitive pricing, the ability to obtain necessary regulatory
approvals and licenses, the impact of developments in the Russian
economic, political and legal environment, volatility in stock
markets or in the price of our shares or ADRs, financial risk
management and the impact of general business and global economic
conditions.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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