Mechel reached an agreement with Vnesheconombank for the first tranche of the project financing for Elga Coal Complex’s first stage totaling $2.5 billion. It was signed in the presence of Russian Federation Prime Minister Dmitry Medvedev. The deal for the development of Elga Coal Complex’s first stage was approved by Vnesheconombank’s Supervisory Board in September. The loan has a term of 13.5 years with a grace period until 2017. The funds will be used to construct a railroad and a mining and washing complex with an annual capacity of 11.7 million metric tons of run-of-mine coal by 2017.