Koks buys Russian coking coal exploration licence
Russian metallurgical company Koks Group has bought the Uchastok Koksviy Glubokiy coal licence, in a public sale, for 88 million roubles ($2.45 million), it said on Wednesday March 26.
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Preliminary exploration work has established reserves of about 27 million tonnes at the asset, with high-quality Russian K and KO coal grades suitable for the coking industry.
Coal mining is expected to start in 2020, Koks said.
Uchastok Koksviy Glubokiy is in the Kemerovo region in central Russia, on the site of three former mines and next to Koks’ producing Uchastok Koksviy open-pit coking coal mine.
Koks commissioned its 1.5 million-tpy Butovskaya coking coal mine in May last year.
The group, through its subsidiary Tulachermet, is the world’s largest exporter of merchant pig iron.