Support The Moscow Times!

Severstal Buys Rest of Putu

Severstal said its indirect subsidiary Lybica Holdings struck a heads-of-terms agreement with Afferro Mining to buy its 38.5 percent interest in the Putu iron-ore project in Liberia.

Severstal already holds a 61.5 percent interest in Putu, the company said Monday in a regulatory statement.

It will make an initial cash payment of $65 million on completion of a definitive agreement by Feb. 28, it said. A deferred cash payment will be made in an amount to be determined.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.