Russia's Evraz Group S.A. one of the world's largest vertically-integrated mining and steel companies has renounced the right to develop the Mezhegey coal deposit in the Republic of Tyva, Russia. The decision is based on the continuing global economic downturn and weakening market conditions.
In July 2008, Evraz won the tender to develop the Mezhegey coal deposit having offered 16.9 billion roubles for the licence.
The company will seek to develop its own resources of coal, based on existing licences and coal production facilities located in the Kuzbass region of Russia near the Company’s steel mills.
Source: Your Mining News
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