23.8 C
Supported byspot_img

Mechel Russia to supply coal to Baosteel China

Member of Europium Groupspot_img
Supported byspot_img

Russian steel and mining company Mechel has extended its coal supply agreement with China-based Baosteel Resources.

Russian steel and mining company Mechel has extended its previously signed coal supply agreement with China-based Baosteel Resources.

The company will supply up to 960,000t of premium-grade coking coal produced at Neryungrinsky Open Pit to Baosteel from April 2016 through to March 2017.

Supported by

Most of the coal is planned to be shipped through Mechel’s own Trade Port Posiet.

Mechel CEO Oleg Korzhov said: “We have established constructive ties with Baosteel Resources.

“We supply our partners with high-quality coking coal which has long become a trademark of Yakutia and all of Russia’s Far East.

“Baosteel Resources accounts on average for 30% of our coal exports to China, that has always been a priority market for us.”

Mechel signed a memorandum of understanding (MoU) in January 2015 to provide increased coal supply to Baosteel.

Under the terms of the MoU, the company supplied up to 1.4 million tonnes of coking coal, PCI and steam coal to Baosteel.

Mechel said that over one million tonnes of coking coal was shipped to Baosteel in China’s eastern and southern provinces since April 2014 through December 2014.

“Long-term export contracts are particularly important for us in the period of FX volatility as they provide Mechel with stable foreign currency revenue,” Korzhov said.

Source: Mining technology

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!