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. Last Updated: 07/27/2016

Raspadskaya Output Down

Coal producer Raspadskaya said in a statement Thursday that its output of the raw material fell 5 percent to 1.68 million tons in the second quarter as an accident suspended operations at one of its mines in the period.

The company sold 904,000 tons of coking coal concentrate in the quarter, down from 935,000 tons in the prior three months. The average sales price rose to $174 a ton from $147.

The company's owners, its management and steelmaker Evraz, have hired Deutsche Bank and Morgan Stanley to find a buyer for their 80 percent stake, sources said March 10. Vneshekonombank chairman Vladimir Dmitriyev told reporters Wednesday that potential buyers of Raspadskaya shares approached the state bank for funding. The lender itself isn't planning to buy a stake in Raspadskaya, he said.

(Bloomberg)