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GAZPROMBANK TO FUND CONSTRUCTION OF NEW YEVTINSKIY PERSPECTIVNIY OPENCAST COAL MINE
28.09.2017

Russia's third-largest bank Gazprombank JSC has set an eight-billion-ruble credit limit for the group of companies Karakan Invest for an eight-year term.

The loan money will be allocated for construction of Karakan Invest's second opencast coal mine in the Siberian region of Kemerovo, as well as for funding leasing deals and refinancing the group's loan portfolio. A gradual increase of the coal capacity to three billion tonnes by 2021 is a part of the project's implementation.

The first batch of coal is set to be extracted in the third quarter of 2018. The new enterprise will produce steam coal with the average calorific value of 6400 kcal/kg. The high-BTU coal produced at the new mine is expected to be mixed with the coal extracted at Karakansky-Zapadny mine. This would contribute to the extension of Karakan Invest's product range and boost annual coal output to up to five million tonnes of export-quality coal with the calorific value of 6000 kcal/kg. The project implementation will result in creating over 600 jobs.

Karakan Invest entered the coal market in 2010. Yet in 2016, the group's coal output reached 4.2 million tonnes and its revenue exceeded six billion rubles. The group's six-year-old mining enterprise, namely, Belovskaya Mine CJSC is demonstrating the best results with regard to the production cost with the net coast of coal totaling 589 rubles per tonne in 2016 and personnel productivity with annual output of 8,316 tonnes per person. In 2016 the group of companies paid the tax of 142 rubles per tonne. The Karakansky-Zapadny mine is among the five largest opencast mines in the Russian coal heartland, Kuzbass region. The mine produces long-flame coal and occupies the seventh place in Russia. In 2017 Karakan Invest LLC was proclaimed the best of Kuzbass coal companies as result of a competition devoted to Miners' Day.

In February 2017, the group of companies won the auction for development of the Yevtinskiy Perspectivniy area with high-BTU coal resources totaling 64 million tonnes. The mine's launch will make it possible for Karakan Invest to increase its coal output by 75 percent and put the price up by 22.5 percent due to increased quality of the coal. Over 400 million rubles have been already invested in the project, the technical audit has been completed and the project works are ongoing.

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