Evraz sells iron ore mine for £12m

FTSE 250 Russian steelmaker Evraz yesterday said it has sold its iron ore mining and processing plant subsidiary to NPRO Ural for $20m (£12.4m), as part of its plan to divest non-core assets to cut costs. In addition, Evraz will pay up to $12.4m to the subsidiary “for the purpose of normalising the working capital” of mining operations, it said. The deal is subject to Russian anti-trust approval and is expected to be completed during October.