Bosov's ex-partner became the owner of 50% of Sibanthracite The

general DIRECTOR of Elgaugol, Dmitry Bosov's ex-partner Alexander Isaev became the owner of 50% of Sibanthracite. This happened after another of its shareholders, Sergei Adoniev, fell under US Treasury sanctions . Coal mine of the company "Sibanthracite"

General Director of Elgaugol (engaged in the development of the largest coking coal deposit in RUSSIA in the southeast of Yakutia, its reserves are estimated at more than 2.2 billion tons) Alexander Isaev became the owner of 50% of A-Property Development, which owns the world leader in production and EXPORT of high-quality anthracite Ultra High Grade Sibanthracite.

This follows from the SPARK data (the changes were registered on February 3) and was confirmed to RBC by a representative of A-Property, owned by Albert Avdolyan. She did not specify under what conditions the top manager received this share.

Adoniev became a co-owner of the world's largest anthracite producer Business

Avdolyan with the ex-head of Sibanthracite Maxim Barsky acquired 100% of the company from the heirs of its founder Dmitry Bosov (committed suicide in May 2020) in October 2021 for about $ 1 billion. Then the owner of A-Property bought Barsky's share, and in the parent company of Sibanthracite, A-Property Development, two new co-owners appeared - Avdolyan's longtime partner Sergey Adoniev (received 31.67%) and Isaev (31.66%). At the same time, Avdolyan had 36.67%. In addition, in August 2022, Isaev became the general director of an anthracite producer.

How Isaev became the owner of 50% of Sibanthracite

On January 26, 2023, the US Treasury introduced a new package of sanctions against Russian legal entities and individuals, including Adoniev and his sons Philip and Luka. The day after that, the businessman decided to withdraw from the coal project, the press service of A-Property reported. “The transfer of property rights is expected in the shortest possible time,” a representative of the company said then, without specifying to whom Adonyev would transfer his share. it follows from the SPARK data that now Avdolyan and Isaev own Sibanthracite in half.

Since 2014, Alexander Isaev has been a business partner of Dmitry Bosov in another coal company, Vostokugol (they had 50% each), which owned assets in the Kemerovo and Novosibirsk regions. He was also on the board of directors and received an option for a stake in Sibanthracite, which Bosov controlled at that time. In early April 2020, a conflict arose between them, as a result of which Isaev was dismissed from all posts in Vostokugol and Sibanthracite. As the reason for the dismissal of the top manager of the press service of both companies called "egregious abuse and theft in the areas of work entrusted to him, the dissemination of false information about our activities." He challenged this decision in COURT and a month later Sibanthracite published an official statement in which the company apologized to Isaev for the previously widespread allegations of embezzlement.

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Mechel agreed to restructure debts for 10 years and sell Elga Business

According to FORBES magazine, Bosov decided to part with Isaev after he found out that he was working with A-Property, which he considered a competitor. Their joint company Vostokugol was one of the contenders for Elgaugol and discussed the purchase in a consortium with the state corporation Rostec and Coalstar of Eduard Khudainatov, Vedomosti wrote. But in the end, it was Avdolyan who acquired 51% of Elga from Igor Zyuzin's Mechel for 97 billion rubles, having agreed with his main creditors that the money from the transaction would be used to pay off debts. A week after the completion of the transaction, Isaev headed this project, and then, when A-Property consolidated 100% of Elgaugol, Rostec became its minority shareholder (with a share of 5%). However, in April 2022, the state corporation sold its stake back to Avdolyan, exiting other joint assets with him. At the same time, Isaev's Energogroup company received 20% of Elga (Avdolyan's stake decreased to 80%). The top manager will pay for these shares in the future from the dividend stream, the representative of A-Property explained.

In August 2022, it became known that Avdolyan decided to merge his Elgaugol and Sibanthracite coal assets, as well as the Ogodzhinsky coal company (managed by Elga), which is developing the Sugodinsko-Ogodzhinsky field in the Amur Region, on the basis of a new company "UK Elga-Sibanthracite" (ELSI), which should become the third largest in terms of production in Russia. The production of ELSI companies in 2022 increased by 19.8%, to 44.7 million tons. The largest coal producer in Russia is SUEK, which produced 109.8 million tons last year, Kuzbassrazrezugol is in second place (according to the results of 2022, it planned to increase production to 46.6 million tons in 2021).

It was assumed that following the results of the merger, Adonyev would become a co-owner of ELSI. But due to US sanctions, this idea had to be abandoned. Whether Isaev will now become an equal partner of Avdolyan, the representative of A-Property did not say.