Russian miner Mechel says 40 pct share fall "speculative"

MOSCOW, Nov 13 (Reuters) - Debt-laden Russian coking coal miner Mechel (MCX: MTLR.ME - news) said on Wednesday debt talks with its creditor banks were progressing well and that speculation was behind a slump of more than 40 percent in its share price.

Shares in the coal-to-steel group Mechel fell 41 percent in Moscow on what traders said were concerns over the company's ability to sustain its $9 billion debt load.

"Discussions with banks over covenant holidays and debt restructuring are going well, we expect them to be concluded by the end of November," Mechel said in an emailed statement.

"There are no negative events at the company. The fall in Mechel's share price...is purely speculative."