Evraz wins right to develop Mezhegeiskoye coal deposit

Evraz, one of the world's biggest steel and mining companies, has won the right to develop a coal deposit in Siberia.

Evraz won the auction, beating Oleg Deripaska's Basic Element, Severstal and Novolipetsk Steel.

The bid of 725 million dollars for the Mezhegeiskoye deposit was 48 times more than the starting price. The steel major plans to invest another 1.5 billion dollars into developing the deposit.