Russian mining and steel producing company Evraz Group has announced that it has signed a memorandum of understanding with Ruda Khakasii agreeing the acquisition by Ruda Khakasii of 100 percent of Abakanskiy Rudnik, Abaza-Energo, Teyskiy Rudnik and Teyskie Energoseti from Evraz subsidiary Evrazruda. The iron ore assets in question are located in the Russian federal republic of Khakassia in south-central Siberia. The agreement is supported by the government of Khakassia, while the deal may be closed in the first quarter of 2014.
The decision to sell these facilities in Khakassia is in line with the Evraz strategy to optimise its ore asset portfolio, and is targeted both at reducing operating losses and at improving Evrazruda's financial performance.