January 21, 2020 / 6:03 AM / in a month

Russia's Gazprombank says Mechel failed to pay for Elga stake

MOSCOW, Jan 21 (Reuters) - Russian lender Gazprombank said on Tuesday that steel and coal producer Mechel had failed to exercise its pre-emptive right to buy the bank's 34% stake in the Elga coal project.

Mechel failed to pay on time for the stake in Elga, one of the world's largest coking coal deposits with reserves of 2.2 billion tonnes, Gazprombank said in a statement, adding that it would consider options for further action.

Mechel accepted Gazprombank's offer in September. Sources said in October the company had agreed to pay about 30 billion roubles ($486.92 million) for the stake. ($1=61.6112 roubles) (Reporting by Tatiana Voronova and Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Clarence Fernandez)

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