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Gunvor Group, through a 50:50 joint venture with Volga Resources, has acquired a ...

Gunvor Group, through a 50:50 joint venture with Volga Resources, has acquired a 60% stake in Kolmar Management Company, one of the Russian Federation’s leading coal producers. The deal represents Gunvor’s first foray into Russian coal mining. Kolmar has a long-term strategy to increase annual production from the current 2mn t/y to 10mn t/y. Bixcut Holdings owns the remaining 40% stake in the coal producer. Located in Sakha Republic of the Russian Federation, Kolmar holds reserves of more than 1bn tonnes of high-quality coking coal and operates several mines within the Chulmakan and Denisovsky coal fields within Eastern Siberia. It owns licences for open pit and underground mining production, and is developing new projects within these exploration areas.

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