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Russia's Evraz Group approved a deal Tuesday to buy a 50% stake in Yuzhkuzbassugol
Russia's Evraz Group approved a deal Tuesday to buy a 50% stake in Yuzhkuzbassugol, which owns Siberian coal mines where methane explosions have killed about 150 people in the last three months. The Board of Directors of Evraz Group, one of the world's leading steel and mining groups, voted May 29 to approve the deal to purchase the shares from Yuzhkuzbassugol's current shareholders to bring the group's ownership up to 100%. Russia's industrial safety watchdog announced on Monday that it was preparing to withdraw an operating license from Yuzhkuzbassugol, one of the country's largest coal producers, due to the fatal explosions in its mines. Yuzhkuzbassugol owns the Yubileinaya mine which was hit by a blast that killed 39 miners last Thursday, as well as the Ulyanovskaya mine, where 110 people died in a blast on March 19. Evraz Group, which controls 50% of Yuzhkuzbassugol, said last week it was prepared to buy out the remaining stock in the company currently held by the management and start modernization of the assets to avoid future accidents. After the share purchases, Evraz Group will assume full control of the coal producer.
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