‘A-Property’ company to purchase Elga deposit from ‘Mechel’ and ‘Gazprombank’
Yakutia 24 TV channel: “A-Property”, owned by Yota co-founder Albert Avdolyan, has received permission from the Federal Antimonopoly Service to acquire 100% of capitals of “Elgaugol”, “Elga-Doroga” and “Mechel Trans Vostok”.
The FAS found the deal incapable of limiting competition and granted the application of A-Property. According to the source of RBC, Mechel cannot sell Elga without the approval of VTB, which is the largest creditor of the company.
At present, discussion of deal by Gazprombank with Mechel, the buyer and VTB is at an advanced stage. Elga is one of the world’s largest deposits of high-quality coking coal in the southeastern part of Yakutia, with reserves of about 2,2 billion tons. Production at the field began in 2011.