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. Last Updated: 07/27/2016

UGMK Plans Power Plants

Ural Mining and Metallurgical, Russia’s second-biggest copper producer, plans to spend $3 billion to build two power stations in the country by 2016.

The stations will be located in the Sverdlovsk and Kemerovo regions, Ural Mining, or UGMK, said Thursday in a statement. Kuzbassrazrezugol, the country’s second-largest coal producer, will supply the fuel to both sites, it said.

UGMK and Kuzbassrazrezugol will purchase 30 percent to 50 percent of the power produced by the stations. Both are controlled by billionaire Iskander Makhmudov, and UGMK manages Kuzbassrazrezugol.

(Bloomberg)