Sibanthracite Group and VostokCoal Management Company sold Port Vera

The companies sold 50% of Port Vera and Ogodzhinskoye coal field projects

Sibanthracite Group and VostokCoal Management Company have sold their shares in Port Vera (50%) and Ogodzhinskoye coal field (50%) to Port Vera Holding LLC and Ogodzha LLC, Sibanthracite says in a press release.

According to the statement, the deals are mutually beneficial with their market price confirmed by independent assessors. The deals are to be closed in the nearest time.

Having settled all the reciprocal claims the parties will continue cooperation through a mutually beneficial partnership.

“Consolidation of 100% of projects will let the buyer implement its new strategy on development and attraction of investments”, says the statement.

VostokCoal Management Company used to control 50% of Port Vera Holding LLC while Sibanthracite Group’s Open-Pit Mine Vostochny used to hold  50% of Ogodzhinskoye coal field.

Coal terminal of Port Vera LLC is located near the Otkrytiy Cape of the Bezzashchitnaya Bay in the Shkotovsky District of the Primorsky Territory. The maximum draft at the terminal’s berth is 12.11 meters. The berth is 246 meters long. The terminal specializes in handling dry bulk cargo, particularly coal. It can accommodate ships of up to 50,000-55,000 in deadweight. The company numbers over 120 employees with the plans of expansion to 150-160 employees.

The terminal is introducing modern equipment including that ensuring environmental safety.