Mitsui Signs JV Agreement to Participate in Coal-Mining Project in Russia.Tokyo, Japan, Sept 26, 2005 - (JCNN JCNN Japan Corporate News Network ) - Mitsui & Co (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 8031) concluded a joint venture agreement on September 21 with Russia's largest steel and mining group Evraz Group Evraz Group (Russian: Евраз Груп С. А.) is one of the world's leading vertically integrated steel production and mining businesses, with operations mainly in Russia. S.A. to take part in the Denisovskaya coal-mining project in the Sakha (Yakutia) Republic of the Russian Federation Russian Federation: see Russia. , the first Russian coal mining project where a Japanese company has entered. Once all conditions of the agreement are met, Mitsui will purchase a 30% stake in Evraz's Cyprus-based investment company and accept the private placement of additional investment as well. Therefore, Evraz and Mitsui will own 70% and 30%, respectively, of the project. Mitsui expects to invest $80 million in the $260 million project. The coal mine will begin production in fall 2006. Scheduled to go fully operational in 2008, the mine will produce 2.4 million tons of coking coal and 1.2 million tons of thermal coal annually. Source: JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) http://www.japancorp.net Copyright [c] 2005 Japan Corporate News Network. All rights reserved. |
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