Gunvor Group Ltd, through a 50/50 joint venture with Volga Resources, has completed the acquisition of a stake (60%) in Kolmar Management Company LLC, one of the Russian Federation's leading coal producers.

The deal represents Gunvor's first foray into Russian coal mining, and will benefit from the company's superior knowledge of the Russian energy sector and proven commodity trading skills.

Mr Andrey Churin CEO of Kolmar 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.”

In addition to the 50/50 JV between Volga and Gunvor, Bixcut Holdings, controlled by Anatoly Mitroshin, possesses the remaining 40% stake.

Located in Sakha Republic of the Russian Federation, Kolmar is a coking coal mining and processing company (with reserves of more than 1 billion tonnes of high quality coking coal) that operates several mines within the Chulmakan and Denisovsky coalfields within Eastern Siberia. Kolmar owns licenses for open pit and underground mining production and is developing new projects within these exploration areas.

Gunvor Group Ltd is one of the world's largest independent commodity trading companies by turnover

Source - Gunvor

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