Evraz announces losses of $556 mln from sale of Sukha Balka mine
Evraz Group (Russia) has reported on significant losses from the sale of Evraz Sukha Balka mine (Kryvy Rih, Dnipropetrovsk region) to DCH Group of businessman Oleksandr Yaroslavsky, which amounted to $556 million, and taking into account exchange rate losses reached $586 million.
The relevant information is contained in the group's semi-annual report.
"The group posted a loss of $556 million from the sale of the subsidiary, including $586 million of cumulative exchange rate losses," the document states.
It is noted the mine was sold on June 1, 2017 for $108 million, of which $25 million was paid by the buyer when signing documents on the transaction, the rest will be paid in tranches by the end of the year.
As reported, DCH Group of businessman Oleksandr Yaroslavsky purchased PJSC Evraz Sukha Balka from Evraz Group through the acquisition by Berklemond Investments Ltd. of Evraz Group S.A.'s subsidiary Kadish Limited (Cyprus): the parties to the deal reported on it on May 25.