Australian mining giant exits Russia following sanctions breach ruling
The mining conglomerate Tigers Realm Coal lost in court the case related to violations of sanctions imposed by the Australian government. The verdict compels the company to cease coal mining in Russia and transport it to Asia. The company has decided to sell its Russian business.
Tigers Realm Coal, a mining company backed by philanthropist billionaires Paul Little and Jane Hansen, is selling its Russian coal business. This decision follows the Australian court's verdict, which determined that its operations in the Far East of Russia violated sanctions imposed by the government in response to the Russian invasion of Ukraine, as reported by "The Sydney Morning Herald."
Tigers Realm mines coking coal from its Russian deposits at temperatures below freezing through several subsidiaries and transports it to Asia.
The company's legal team contended that the entire mining operation was conducted in Russia, and the coal never reached Australia.
Nevertheless, this did not persuade the judge. Consequently, the Australian mining conglomerate decided to divest its operations in the southwestern part of the Chukotka Autonomous Okrug.
As reported by the Russian newspaper "Kommersant," the coal assets in Chukotka will be sold for approximately £40 million to APM-Invest, owned by Russian entrepreneur Mark Buzuk. The sale must receive the approval of Tigers Realm Coal shareholders, the Federal Antimonopoly Service, and the President of Russia.
