ALROSA receives instalment from EVRAZ for 51% in Timir iron ore project

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ALROSA has received a RUB 1.028 bn instalment from EVRAZ plc for a 51% stake in Timir iron ore project, including RUB 990 m to repay the principal plus the interest on the outstanding balance.

In April 2013, the companies signed an agreement to sell ALROSA’s 51% stake in Timir iron ore project to EVRAZ for RUB 4.95 bn. As part of the deal, EVRAZ made a payment of RUB 495 m in April 2013 and RUB 1.485 bn in September 2013.

On 31 July 2014, EVRAZ transferred RUB 1.028 bn to ALROSA, including RUB 990 m to repay the principal plus the interest on the outstanding balance. The remaining RUB 1.98 bn is expected to be paid in two equal RUB 990 m instalments in 2015—2016.

This page was last updated on 05 August 2014 at 09.11