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The specialized coal transshipment complex at Vanino SCTC is an integral part of the Neryungrinsky and Elga coal deposits development project. Construction of the complex is being managed by Mecheltrans OOO, the transportation and logistics subsidiary of Mechel. Vanino SCTC will be operated and maintained by Mechel Vanino OOO. This project is conducted with the assistance and close cooperation of the Khabarovsk Krai government.
The first stage of the terminal, with a capacity of 15.0 million tonnes, is scheduled for opening in 2012, while commissioning of the second stage, which will raise the capacity to 25.0 million tonnes, is scheduled for 2015. The project is estimated at RUR12.0 billion (about USD$500 million).
The design and construction works for Vanino SCTC are being performed concurrently with the Company's Elga field development and Elga-Ulak railway construction. With a total length of 315 km, construction of the Elga-Ulak railway is currently underway to connect the Elga field with the Baykal-Amur railroad, in keeping with the current Elga project. The railway is scheduled to open for permanent operation by September 2010.
The complex at Vanino SCTC will establish railways construction, stations for unloading rail cars, a coal storage warehouse, a conveyor track system, a two sided pier and ship-loading machines, a major control unit, and other operational infrastructure.
Coal from the port will be exported to countries in the Asia-Pacific Region on marine bulk carriers with a maximum dead weight capacity up to 150 thousand tonnes.
Mechel Management OOO Chief Executive Officer Vladimir Polin commented, "Construction of the complex at Vanino Port and the implementation of other transportation projects will establish one of the largest transportation hubs in the Far East, supporting the strategic interests of the Russian transportation and commodities markets in the Asia-Pacific Region and significantly contributing to the economic development of the Vanino District and the Far East region. Construction of the Vanino SCTC will provide significant tax gains to the Khabarovsk Krai and the Vanino District budgets, create of over 600 new jobs, and develop the social infrastructure of that region. Within the first stage of the Vanino SCTC construction, Mecheltrans OOO, in collaboration with the Administration of the Vanino District, is currently developing a training program for future specialists and participating as an investor in the construction of two residential blocks in the Vanino urban settlement."
Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel, and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
SOURCE Mechel OAO
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