Russia seeks to auction Sakha coal deposit
Published June 18th, 2007
Russia plans to auction the largest coal field in the Far Eastern republic of Sakha (Yakutia) by July 23 to benefit from rising prices for coking coal.
The deadline for the auction of the Elga field, with the potential to yield 30 Mt/y, is “final,” Vladimir Shchadov, deputy director of the Federal Energy Agency, said at the Coaltrans forum in Moscow on Monday.
Prices for coking coal, used in making steel, have been increasing amid a construction boom in Asia.
The federal and Sakha governments and OAO Russian Railways, all shareholders in the Elga field, will decide by the end of this week whether to auction the deposit together with OAO Yakutugol, Shchadov said.
Yakutugol operates several coal mines in the Republic of Sakha and is 75%-owned by the local government.
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