DTEK plans to make a separate company of its Rostov mines by October.
According to DTEK CEO Maxim Timchenko, the deal is in the final stages. This will allow DTEK to decrease its credit pressure by over $400 million.
DTEK will retain management and operational control over the mines, and the new company will also be servicing the credit debts of the energy holding for the next 5 years.
DTEK purchased 100% of shares of Obukhovskaya Mine Group, Donskoy Antrazit and 66.7% of Sulinantrazit from Rostovsky Antrazit in June 2012, for $39 million. Later Donskoy Antrazit and Sulinantrazit were united. The companies coal reserves are estimated at 136 million tons. (Ukrainian metal)
