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.


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more