MMK plans to acquire Tikhov coal mine from IMH – Kommersant
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MMK-Ugol (part of the PJSC Magnitogorsk Iron and Steel Works Group) is discussing the possibility of acquiring a large coal asset in Kuzbass from the Industrial Metallurgical Holding (IMH) – the mine named after. Tikhov. This is reported Interfax citing industry sources.
According to one of the interlocutors of the agency, the deal to buy the mine. Tikhova has not been closed yet, negotiations between the parties are ongoing. “The deal has not yet been officially announced, they are negotiating with each other while the mine belongs to the IMH,” he said.
At the end of May, IMH informed the holders of Eurobonds worth $350 million maturing in 2025 (Mine named after S. D. Tikhov LLC is one of the guarantors for the issue) about the plans to sell the asset. The industrial and metallurgical holding expects to receive at least 22 billion rubles for the mine. The group plans to use these funds to reduce the debt burden. From the IMH reporting under IFRS, it follows that in 2023 the group needs to repay loans for 43 billion rubles.
At present, the mine Tikhov accounts for about half of the coal production of the Industrial and Metallurgical Holding. According to the results of 2022, MMK’s enrichment facilities produced 3.5 million tons of coal concentrate. However, coking coal production decreased by 11.6% to 4.4 million tons.
Mine them. Tikhova was launched in 2017, it produces coal by underground mining at the Nikitinsky-2 site of the eponymous deposit. The design capacity of the mine is 1.8 million tons of coal per year. The mine produced 1.25 million tons of coal last year. This year it is planned to produce 1.16 million tons. The proceeds of the mine. Tikhov at the end of 2022 increased by 45% year-on-year and amounted to 9.5 billion rubles, net profit – 3.5 billion rubles.
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