Russia's Mechel offers Gazprombank option on Elga coal project
MOSCOW, April 4 (Reuters) - Indebted Russian miner Mechel said on Monday it had offered Gazprombank an option to buy a 49 percent stake in its Elga coal project for 34.3 billion roubles ($504 million) by June 30.
The money raised will be used to repay debts to Russian lender Sberbank, Mechel said. Gazprombank will have the option to sell its Elga stake back to Mechel within three years after a five-year tenure.
($1 = 68.0800 roubles) (Reporting by Alexander Winning; writing by Jack Stubbs; editing by Polina Devitt)
