COMPANY ACTIVITY

Gunvor seals Siberia deal

SWITZERLAND-based oil trading house Gunvor Group's diversification into coal has taken another st...

Andy Graham
Gunvor seals Siberia deal

In a 50:50 joint venture with Luxembourg-based, Russia-focused investment house Volga Resources, Gunvor has acquired the stake in Kolmar Management Company LLC, which it describes as one of the Russian Federation's leading coal producers.

Russian businessman Anatoly Mitroshin owns the other 40% of Kolmar.

Gunvor said the deal was its first venture into Russian coal mining.

It said Kolmar would benefit from Gunvor’s “superior knowledge of the Russian energy sector and proven commodity trading skills”

Kolmar operates several mines in Eastern Siberia and has reserves of more than 1 billion tonnes of coking coal.

Kolmar CEO Andrey Churin said: “Kolmar is focused on the development of a long-term strategy aimed at bringing the annual production volume from current 2 million tonnes to 10 million tonnes per annum.

“Development of Kolmar will help bring high quality coking coal reserves into production for export.”

Gunvor says it is transforming itself from “a European niche player [to] become an international, vertically integrated energy trading group”

It also owns a minority share of South African coal miner Keaton Energy and has a 33% stake in the Signal Peak mine in Montana.

Last week, Reuters quoted an anonymous Gunvor senior executive saying the company had fielded some tempting offers for its share of Signal Peak from Asian investors.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production