Russian state bank approves $2.5 bln loan to miner Mechel
MOSCOW, Sept 18
MOSCOW, Sept 18 (Reuters) - Russian state development bank Vnesheconombank (VEB) agreed on Wednesday to lend $2.5 billion to debt-laden miner Mechel, a move that will allow the firm to push ahead with its ambitious and costly Elga mining project.
Mechel, saddled with debts of over $9 billion, applied to VEB in March for help on financing Elga, one of the world's largest coking coal reserves whose development has for decades been blighted by inadequate transport links.
"All the basic parameters of the agreement have been approved by the supervisory board, so now we can push ahead with the work," VEB chairman Vladimir Dmitriev said.
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