September 18th the company «EVRAZ» has signed a contract for the sale of the enterprise Vysokogorsky Ore Mining and Processing Plant
(«VGOK») R&D and manufacturing regional organization «Ural» (city Ozersk, Chelyabinsk region) for $ 20 million.
VGOK located near Nizhny Tagil, and is one of the largest mining enterprises in the Urals, including three ore mines and processing plant. In 2012, the plant has extracted 1 million tons of limestone and 4.6 million tons of iron ore. As of June 30, 2013 total assets amounted VGOKa 3.068 billion. In 2012 VGOKa profit before tax amounted to 4.0 million rubles.
The new owner checked the documents and studied the asset from April 2013 and on June 28 signed a memorandum of intent.
Company «Ural» is a major producer of iron ore in the Urals, and has extensive experience with Ural metallurgists. Enterprises company «Ural» survived all crises 90s and 2000s, have accumulated rich experience in the face of adverse market conditions The company has long planned to develop its iron ore business.
The deal will be closed immediately after receiving the approval of the Federal Antimonopoly Service, presumably until the end of October.
Company «Ural» will receive 100% of the share capital. The company, according to experts, will be more effective owner VGOKa. Ore reserves at the Company's enough for at least 50 years of age.