Russian mining and steel group Mechel has announced the sale of a 28 percent stake in Vanino Sea Trade Port's equity capital.
Accordingly, Mechel Group, as represented by Mecheltrans, has sold some 28 percent of the port's equity capital to an outside investor, retaining a minor stake for itself. The transaction was worth RUB 5.04 billion (approximately $158.43 million).
The consortium of investors is not interested in transhipping their products through Port Vanino, located on the Strait of Tartary in Russia's Far East, which will enable Mechel to use the port's entire capacity in the company's interests.
Access to Port Vanino's transhipment capacities significantly enhances Mechel's export potential in Asia and the Pacific and ensures guaranteed sales volumes for the group's coal products, taking into account the development of the Elga deposit.