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Vorkutaugol Will Catch Up Australia
// Provided the government Если правительство reschedules the miners’ debts
coal industry
Severstal-Resurs, that manages iron-ore and coal assets of Severstal-Group announced yesterday that they want to build a coal-breaking factory. It can be compared to the leading coal-breakers regarding the productivity. The holding will need $400 million. Only debts may interfere in the building. The debts that remained from the time when government managed the factory. If the government refuses to reschedule the debt, the holding will have to spend money on it.
Vorkutaugol became a part if Severstal- Group in 2003. The coal production in 2004 was 12.47 million metric tons. The last year sales volume was $360 million; the net profit was 1.66 billion rubles. In 2005 they plan to produce 12.53 thousand metric tons of coal.
The estimated output of the factory that Vorkutaugol starts building this year is seven million metric tons a year. As they reckon the volume of investment within four years will be $139.29 million. Another project that they want to invest into is joining separate mines [Severnaya, Vorkutinskaya, Zapoliarnaya and Komsomolskaya] with one conveying trunk. That will help to reduce the expenses on delivering the coal to the coal-breakers. They will spend $35 million on it this year. Besides, Vorkutaugol wants to sign a contract on delivering equipment for non-manual coal winning from German DBT. It costs $42.86 million. They want to launch it next January.
According to Aleksandr Loginov, CEO of Vorkutaugol, the object of the investment is to build a coal-breaking complex that can compete with foreign ones. The one that in ten years can compete with the world best Anglo-American and Rio Tinto Australian complexes. According to Severstal Group’s estimation, some $360-400 million will be invested in Vorkuta coal winning enterprises.
Roman Deniskin, General Director of Severstal Resurs told Kommersant that debts that they still have from the tome when government managed Vorkutaugol since 90-s may interfere into the investment program. According to the holding’s estimation it is equal to $340 million. “By 2003 there was a danger of bankruptcy. The state of affairs hasn’t really changes since then.”-Loginov said yesterday.
The authorities of Severstal think that the debts should be rescheduled for five years. The government can do that according to the law. Severstal can escape the bankruptcy of Vorkutaugol and get the possibility to fulfill the investment program.
Maria Molina
All the Article in Russian as of Mar. 02, 2005
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