World’s largest untapped coal field "gone!" under hammer
The starting price for the Elga field, which holds reserves of more than 2.5 billion tons of hard coking coal, was $1.8 BLN. It went for $ 2.3 BLN.
The winner will also have to invest another $3 BLN to build a railway and other infrastructure. But experts say the owner will recoup the investment by selling coal abroad.
Earlier, Mechel bought another large coal asset – Yuzhny Kuzbass – the second coal producer in Russia. The company is keen to diversify its business and develop its energy interests.