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Saturday, February 11, 2012

Court approves settlement between Russian coal producers

Saturday, 11 Feb 2012

Supreme Commercial Court reports that the court has approved an amicable agreement between two coal mining companies in a USD 9.3 million dispute.

Vorkutaugol sought to recover debt from the Vorgashorskaya mine under a claim assignment agreement that it signed with the St Petersburg based Nord Invest in March 2010.

Vorkutaugol is a part of Severstal. It is the largest hard coking coal producer in Russia. Vorkutaugol produced 8.1 million tonnes of coal in 2010.

Severstal is one of the world's leading vertically integrated steel and mining companies. It has assets located in Russia, North America and Europe.

(Sourced from

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