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Mechel signs long-term coal supply deal with Jidong Cement

Mechel PAO signed a memorandum for a long-term coal supply deal with China's Jidong Cement.

According to a Dec. 20 statement from Mechel, the deal will cover up to 3 million tonnes of steam coal produced from its Elga and Neryungrinsky mines in Russia, making the Chinese company the chief foreign consumer of Elga's steam coal.

Prices will be determined on a monthly basis after negotiations and based on index rates.