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. Last Updated: 07/27/2016

Cabinet Mulls Closing Mines

The Cabinet on Monday discussed a plan to close unprofitable coal mines, one of the conditions for getting a new, $400 million loan from the World Bank.

The government had planned to shut down 46 coal mines this year, but the World Bank is urging Russia to bring the number to 60 if it wants to qualify for the new loan, which would help pay for restructuring the coal-mining sector.

Fuel and Energy Minister Viktor Kalyuzhny said that such an increase would require additional funding, so talks with the World Bank should continue, Interfax reported.

The government has counted on the World Bank loan being the main source for financing the coal-mining industry in the second half of the year and it's not clear where the money would come from if that loan fails to materialize.