Mechel PAO, one of the leading Russian mining and metals companies, has signed a memorandum for coal supply with China’s Jidong Cement, one of the world’s top cement producers.
According to the memorandum, Mechel will supply its Chinese partners up to 3 million t of steam coal mined at Elgaugol OOO’s Elga Open Pit and Yakutugol Holding Company AO’s Neryungrinsky Open Pit. Prices will be adjusted on a monthly basis following negotiations and on the basis of index rates.
Mechel PAO’s CEO, Oleg Korzhov, said: “Jidong Cement is our longstanding and strategic partner in Asia, and we aim to continue our long-term and mutually profitable partnership. Mechel’s mining division has met all its obligations on our prior agreement. Today, Jidong Cement is the chief foreign consumer of Elga’s steam coal.”
Read the article online at: https://www.worldcoal.com/coal/28122017/mechel-signs-long-term-coal-supply-contract-with-chinas-jidong-cement/