Mechel to buy stake in Elga coal project for $461m – sources

Russian steel and coal producer Mechel has agreed to buy Gazprombank's 34% stake in the Elga coal deposit for around 30-billion roubles ($461-million), two sources familiar with the matter told Reuters on Thursday.

Mechel is expected to pay for the stake within the next four months, one of the sources added. Mechel accepted Gazprombank's offer to sell the stake in September.