Orlando, FL 3/22/12 (StreetBeat) – Russia's Natural Resources Ministry said on Thursday it is investigating coal producer Mechel's (NYSE: MTL) Yakutugol mines for possible violations of the terms of the production licences and that the firm could lose them following further legal steps.Mechel, Russia's leading coking coal producer, declined to make any immediate comment on Thursday.
The Ministry said it carried out an audit at a range of Yakutugol's facilities between 2009-2011 and that this had shown possible violations of a range of clauses in the production licences related to production volumes and environmental codes.
The results of this investigation were currently being compiled, after which they would be sent to Yakutugol and possibly to the licensing commission, it said.
"The question of forwarding the designated material to the commission for terminating the right to use mineral resources (will be) examined," the Ministry said in a statement.
At 1433 GMT Mechel shares were off 8.3 percent in New York at $9.55.
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