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Sberbank grants 4.6 billion Rubles loan for the Yubileynaya mine recovery

Sberbank Siberian Department has lent 4.6 billion Rubles to TopProm for a six-year period.

The Chairman of the Siberian Department of Sberbank Kirill Brel said although the coal market situation is quite challenging, last year a few companies requested loans for construction of new mines. One such example is the Yubileynaya project aimed at restart of the sealed-off mine.  

The mine is set to recommence operation in 2016, the investments planned make up about 4.8 billion Rubles. According to Andrey Borshchevich, the General Director of TopProm CJSC, in early 2015 the mine employed 370 people, and by 2016 it aims to grow its staff headcount to over 1,000.

The mine’s commercial coal reserves reach 76,700 thousand tons - mainly of rare fat coal. The envisaged annual output is 1.3 million tons.