Russia's global mining and metals company Mechel signed a memorandum with one of the world's top cement producers, China's Jidong Cement for long-term coal supply, Mechel announced on Wednesday.
In accordance with the deal, Mechel will supply its Chinese partners up to 3 million tonnes of steam coal. Prices will be adjusted on a monthly basis following negotiations and based on index rates.
"Jidong Cement is our longstanding and strategic partner in Asia, and we aim to continue our long-term and mutually profitable partnership. Mechel’s mining division has met all its obligations on our prior agreement," Oleg Korzhov, Mechel's CEO said.
Mechel, founded in 2003, has production facilities in 11 of Russia’s regions, as well as in Ukraine and Lithuania.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr