Russian tycoon buys 49% of Elga coal project, talks to Mechel on 51%

Russian businessman Albert Avdolyan has reached an agreement to buy a 49% stake in the major Elga coal project in Russia from Russian lender Gazprombank, the bank said in a statement on Monday. Avdolyan's company A-Property is still in talks to buy the remaining 51% in the project from Russian steel and coal producer Mechel. For indebted Mechel, Elga is the biggest growth asset, but it confirmed last week that it was in talks to sell it to reduce the debt burden.