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EVRAZ plc optimizes Evrazruda’s assets

Thursday, 26 Dec 2013 07:00pm EST 

EVRAZ plc:Announces signing of an agreement with LLC Ruda Khakasii on the acquisition by LLC Ruda Khakasii of a number of Evrazruda’s iron ore assets and utilities companies located in the Republic of Khakassia and Kemerovo region, for total cash consideration of 10 million Russian rubles (about $306,000).Says the assets include such iron ore mining and processing facilities and energy generating units as Abakan iron ore mine, Khakassia; Teya iron ore mine, Khakassia; Mundybash beneficiation plant, Kemerovo region; Abaza-Energo, Khakassia, and Teyskie Energoseti, Khakassia.Says according to the management accounts, as at June 30, their total gross assets were $9 million.Says for the year ended Dec. 31, 2012, these assets produced a total loss before tax of $20 million.Says the parties have also signed a 10-year agreement on supply of not less than 150,000 tonnes of iron ore concentrate per month from the Mundybash beneficiation plant to EVRAZ ZSMK steel mill.Says the parties have signed as well as short-term agreements on purchase by Evrazruda of primary iron ore concentrate produced by the Abakan and Teya mines to ensure continuity of supply during the transition period.Says the agreements are signed on market terms.Says the transaction is in line with the EVRAZ strategy to optimize its iron ore asset portfolio, and is targeted both at reducing operating losses and at improving Evrazruda’s financial performance. 

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