Russian metals and mining group Mechel may lose its Elga project already this year in order to pay debts after 2020, five sources close to parties of the possible deal reported.
The sources named industrial corporation Rostec, Vostokugol of Dmitry Bosov and Alexander Isayev and Coalstar of Eduard Khudainatov among companies interested in the Elga project.
In early 2019, Mechel’s creditors started searching contenders for Mechel’s and Gazprombank’s stakes in the Elga project.
Khudainatov said via his representative that Coalstar did not receive an offer to buy a stake in Elga and did not held relevant talks.
A source close to Gazprombank said the bank was interested in selling the stake in Elga, as this was a non-core asset for the bank.
Mechel holds 51% stakes in three assets of the Elga project – Elgaugol, Elga Road, and Mechel Trans Vostok, while Gazprombank has 49% stakes. (Prime/Ukrainian metal)
