En+ Coal
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En+ Coal is a subsidiary of En+, a company owned by the Russian billionaire Oleg Deripaska. Deripaska is the President and a director[1] of his holding company, En+.[2]
EN+ is a diversified mining, metals and energy group which, amongst other investments, has a 47.41% stake in the world's largest alumina and aluminium producer UC RUSAL, owns EuroSibEnergo PLC (a major hydro power producer and the largest Russian independent power producer), and has interests in coal projects through its En+ Coal subsidiary.[3] (The Chairman of the Board of En+ is Nathaniel Rothschild, another coal baron).[4] Deripaska is also the Chief executive officer and Chairman of United Company RUSAL, the world’s largest producer of aluminium.[5]
EN+'s coal interests
On its website En+ states that En+ Coal was formed in 2008 "to began [sic] the development of its coal business." The company states that "currently En+ Coal owns a controlling stake in coal producer Erchim-Than LLC based in Yakutia, and manages Tuva Mining Company in the Republic of Tuva."[6]
In 2008 En+ Coal bought VostSibUgol, which produced 12 million tonnes of coal a year. However, this was transferred to En+'s energy production arm, EuroSibEnergo, which the company describes as "the main consumer of the coal".[7] En+ Group was an unsuccessful bidder for the Tavan Tolgoi coal deposit in Mongolia.[8]
In June 2010 En+ announced that it had signed an agreement with the Export-Import Bank of China on financing for mining and power projects in Eastern Siberia. In a media release En+ stated that China Eximbank would provide funding of up to $US5 billion "for the construction of power generation plants" in Eastern Siberia with over 3 gigawatts of installed capacity and the "development of coal fields" in the Republic of Tuva as well as other projects in Eastern Siberia. The company stated that "it is expected that a big portion of the output of new projects will be supplied to the Asian markets given the long-term growing demand for commodities in Asia."[9]
Articles and resources
References
- ↑ "Oleg Deripaska appointed as President of En+ Group", Media Release, July 8, 2011.
- ↑ Catherine Belton and Robert Cookson, "En+ to strengthen ties with China", FT.com, June 17 2010.
- ↑ "About us", EN+ website, accessed August 2011.
- ↑ "Board of Directors", En+ website, accessed August 2011.
- ↑ "Management: Oleg Deripaska", RUSAL website, accessed August 2011.
- ↑ "En+ Coal", En+ website, accessed August 2011.
- ↑ "Coal", En+ website, accessed August 2011.
- ↑ John Helmer, "Mongolian Bum's Rush – Deripaska rejected in Tavan Tolgoi Bidding", Business Insider, July 5, 2011.
- ↑ En+, "En+ Group and Export-Import Bank of China Sign US$5bln Cooperation Agreement for development of mining and power projects", Media Release, June 16, 2011.
