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VEB Board Approves Funding for Mechel OAO's Elga Coal Project-Interfax

Wednesday, 18 Sep 2013 08:05am EDT 

Interfax reported that the supervisory board at Vnesheconombank (VEB) has approved funding for the Mechel OAO coal and steel group's Elga coal project in Yakutia, VEB's chairman, Mr. Vladimir Dmitriyev, told reporters. Earlier reports said VEB could provide Mechel with $2.6 billion in funding for the Elga project in three credit facilities: one with a limit of $150 million, another for up to $2.085 billion and a third for up to $418.7 million. The structure of the deal also enables VEB to buy 0.01% of LLC Elgaugol, a subsidiary of Mechel OAO's Yakutugol coal mining unit. Overall project costs are $4.74 billion, VEB said.