Mining group says Czech coal mining company readied for sale

The owner of the Czech Republic’s last large remaining miner of hard or black coal, used for making coke for steel plants, has announced that it is preparing the sale of the OKD company. New World Resources said that the sale scenario for OKD is part of contingency planning if a settlement if an ongoing capital restructuring involving major shareholders does not go through. Even so, offers for OKD and its Polish coal mining units have been invited and they will be evaluated against other options. OKD has four Czech mines producing around 10 million tonnes of coal a year. A deal with the Czech government to prolong the life of the Paskov mine and save around 2500 jobs was reached with the government earlier this year.

Author: Chris Johnstone