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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (72402)	12/13/2010 9:48:44 PM
From: LoneClone	Read Replies (1) of 193757

Russian mine operator announces $12M W.Va. plant Russian mine operator announces $12M W.Va. coal processing plant for McDowell County finance.yahoo.com On Monday December 13, 2010, 1:14 pm EST KEYSTONE, W.Va. (AP) -- Russian mining and metals company Mechel OAO said Monday a new $12 million processing plant will allow it to double metallurgical coal production in southern West Virginia. The plant in Keystone will be capable of processing 3 million tons of coal annually. But Mechel said it will start with about one-third as much at first. The project comes as Asia's booming steel business continues to push up demand and prices for metallurgical coal worldwide. "The Keystone low-volatile metallurgical coal is of a very high quality and is in great demand throughout the world," said Boris Nikishichev, chief executive of Mechel Mining Management Co. "Our plans to step up coal production required us to boost processing volumes as well." Mechel plans to use the plant to increase the amount of coal it recovers from rock removed while mining thin seams such as those found in McDowell County. Mechel bought its way into the U.S. coal industry with the acquisition of businessman Jim Justice's West Virginia coal mines for preferred shares and $436 million in cash. The company has 15 surface and underground mines in West Virginia, according to federal Mine Safety and Health Administration records. Moscow-based Mechel operates mines and power plants and produces steel, among other things.

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