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"Daughter" Tigers Realm Coal in Chukotka took from Sberbank 600 million rubles. - EastRussia | Far East

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"Daughter" Tigers Realm Coal in Chukotka took from Sberbank 600 million rubles.

Special project Coal of the East of Russia
LLC "Beringpromugol" ("daughter" of the Australian Tigers Realm Coal, TIG) entered into an agreement with the Moscow branch of Sberbank on lending in the amount of 600 million rubles. ($ 10,3 million), said the TIG. Funds are raised to support the company's operating and capital expenditures until revenue from sales for the next period, scheduled for July 2018, is received.

On the terms of the loan it is reported that the company will have to use the funds from December 2017 to August 2018 year, and repayment will start from August 2018.

It is also reported that, as part of the project to develop the Chukotka coal field Fandyushkinskoe field (Project F), the company completed the planned work to improve the infrastructure in the coal mine area. Renewed in the second half of October, the construction of the road was completed in early December, after which the transportation of coal to the port was resumed.

The transportation of coal from the port in 2017 was suspended for the winter period in early November, with an indicator of 165 thousand tons. The Company fulfilled its strategic objectives for the extraction and sale of coal by carrying out two test deliveries of coking coal to Japan and China, sale of thermal coal in China, Taiwan, as well as in the regional market of Chukotka.

"Beringopromugol" has been mining coal in the Fandyushkinsky field since the end of 2016. The company is a resident of the TOR "Beringovsky". The investments of Tigers Realm Coal in the project, starting with the development of Amaam started in 2012, amounted to 23,3 million Australian dollars. In 2017, the company planned to supply in the amount of 200 thousand tons of coal, of which almost a quarter - for the needs of the Far Eastern regions.