MOSCOW, January 23, 2014 /PRNewswire/ --
Kolmar, the Russian coal mining and processing company with assets located in the Republic of Sakha (Yakutia), announces the appointment of Sergey Tsivilev as CEO following the departure of Andrey Churin, who has left the company for personal reasons. Mr. Tsivilev will remain a member of the Board of Directors of the Company.
"On behalf of the Kolmar team, I'd like to thank Mr. Churin for his positive contributions to the company, which has seen significant progress under his leadership," said Kurt Suntay, Kolmar's Chairman. "We wish Mr. Churin all the best in his future endeavours."
Sergey Tsivilev is one of the minority shareholders and co-founders of Kolmar. He has been involved in Kolmar project for more than five years, served on the Kolmar board since 2012 and was previously Chairman of the Board.
Note to the editors
Located in Sakha Republic of the Russian Federation, Kolmar is a coking coal mining and processing company (with resources of more than 1 billion tons of high-quality coking coal) that operates several mines within the Chulmakan and Denisovsky coalfields within Eastern Siberia. Kolmar owns licenses for open pit and underground mining production and is developing new projects within these exploration areas. Montlink Ltd. (JV between Volga Group and Gunvor ) owns a 60% stake in the company. Remaining 40% stake belongs to the structures related with Anatoly Mitroshin and Sergey Tsivilev.
About Volga Group
One of the largest investment groups in Russia, Volga Group has investments in 18 core companies, located mainly in Russia. Total consolidated annual revenues in 2012 were US$116 billion. The three core strategic investment areas are energy, logistics and infrastructure. Volga Group also has investments in the financial services and consumer goods sectors. The Group's largest holdings include Novatek (23%), Gunvor (44%), Sibur (37.3%), Transoil (80%), STG Group (63%).
Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure - refineries, pipelines, storage, terminals, mining and upstream - Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at http://www.gunvorgroup.com or @Gunvor.
For media inquiries:
Mr. Anton Kurevin
Communications Director, Volga Advisors
Mr. Stuart Leasor
SOURCE Volga Group