Indebted Mechel draws first tranche of Elga PF

Mechel, the highly geared Russian metals and mining firm, has received the first $150m tranche of a $2.5bn project finance facility.

  • By Michael Turner
  • 29 Nov 2013

Russian state-owned lender Vnesheconombank (VEB) provided the financing. The facility has a 13.5 year tenor with a grace period until 2017.

The entire $2.5bn VEB facility will be used for the first stage development of the Elga coal complex in eastern Russia.

The Elga project is strategically important ...

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