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EVRAZ plc Signs Agreement to Sell Iron Ore Mining Asset VGOK-Interfax

Thursday, 19 Sep 2013 12:17am EDT 

Interfax reported that Evraz plc (Evraz) has signed a binding agreement for the sale of its wholly owned subsidiary Evraz Vysokogorsky Iron Ore Mining and Processing Plant (VGOK) to NPRO URAL for a consideration of $20 million on a debt free basis, Evraz said in a press release. In addition, Evraz has agreed to provide up to RUB 400 million ($12.4 million) to VGOK for the purpose of normalizing its working capital. The consideration will be payable in several installments: an initial $5 million payable at the completion of the transaction, with the rest to be paid in equal monthly installments during the next 24 months. The transaction is subject to receipt of approval by the Russian Anti-Monopoly Service and certain corporate actions and is expected to be completed during October 2013. Evraz will apply the proceeds from the sale for general corporate purposes. Simultaneously with signing of the sale agreement, VGOK and Evraz have executed a three-year agreement for the supply of iron ore concentrate from VGOK to the Evraz ZSMK steel works on market terms and a 10-year agreement for the processing by VGOK of certain Evraz NTMK by-products. 

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