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Bloomberg reported that Russian companies Severstal, Evraz Plc (LSE:EVR), En+ Group, and Russian Copper Company are planning mines and a state-backed railway in Russia’s Tyva region.
Bloomberg reported that Russian companies Severstal, Evraz Plc (LSE:EVR), En+ Group, and Russian Copper Company are planning mines and a state-backed railway in Russia’s Tyva region. The projects could cost about $8 billion and would double Russia’s metallurgical coal exports by 2020.
As quoted in the market news:
The 400 kilometer (250 mile) railroad, linking Tyva to the Trans-Siberian railroad as early as 2015, will allow the transportation of coal from the Ulug-Khem basin, which contains 16 billion metric tons of coal reserves, according to data provided by Severstal, about 2.5 times more than the Tavan Tolgoi field in neighboring Mongolia.
Dmitry Sakhno, Severstal’s project manager, commented:
Annual coal production in Tyva may reach 40 million metric tons in 2020 should all the companies implement the announced plans in full. More than half of these volumes will be exported.