ICTH and Oleg Miserva established a joint company to develop modern manufacturable coal mining production in the Far East of Russia and to export coal to the countries of the Asian-Pacific Region (APR)
The joint enterprise (East Mining Company LTD) has united the partners' coal assets located on Sakhalin and in Magadan Region.
The company is going to focus on development of Solntsevskoye coal deposit and other deposits in Sakhalin Region. The deposits contain considerable reserves of power-generating coal being in a steady demand in APR. Having been implemented, the project will allow the enterprise already working successfully on the basis of the said deposit to increase its yearly output from today's one and a half million tonnes to five million to 2016.
The modernization of the Port of Shakhtersk is an important element of the project. As trans-shipment volumes increase, it is supposed to build a high-performance deepwater coal terminal on its base.
The initial investment to the project will exceed USD 200 million and is going to be allocated to increasing the fleet of mining and transportation machinery, reconstruction of the road infrastructure, modernization of the port capacity, and also to building a coal transportation conveyor from the opencast mine to the port.
The joint company intends to continue exploration of Omsukchansky coal basin in Magadan Region and assessment of its reserves. On the basis of the exploration results and the transport infrastructure being developed, the possibility is being considered of mining and export of coal to the countries of APR with the total amount of up to three million tonnes of saleable coal a year».
Source: East Mining Company