TurkPower, a New York-based miner that focuses on acquiring and consolidating already operational mines for metallurgical coking coal, recently announced it would change its name to SibMet Coal to reflect its expanding focus on Russian operations.

The Zavyalov acquisition is 5km from the West Siberian railroad and comprises a 49-year lease to develop, operate and mine an open pit with more than 100Mt of forecasted extractable quantity high-grade coking coal.

TurkPower chairman and chief executive Ryan E Hart said the company expects the mine to produce up to 1Mt of high-grade coking coal in 2013 and between 2-2.5Mt in 2014.

“This is a great day and milestone for the company and its investors,” he said.

“With the purchase of Zavyalov, TurkPower takes its first step towards becoming a producing and profitable mining company.”