Čtvrtek 28. března 2024, svátek má Soňa
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NWR board approves Dębieńsko mine project

  7:46

NWR holds a 50-year mining license to extract coal from the Polish site; it has applied for a license to mine additional coal seams there

New World Resources (NWR), a leading Central European hard coal and coke producer, announced Monday that the company’s board of directors has given final approval for a project to extract coal from the Dębieńsko mine in Poland.

The decision was based on the outcomes of a detailed feasibility study and an extensive internal review of the Dębieńsko project, as well as general market considerations, said the Prague- and FTSE-listed company, controlled by Czech billionaire Zdeněk Bakala.

“Following a rigorous development process we are now in a position to push the button at Dębieńsko. This reflects our confidence in the quality of the asset and the long-term strength of coking coal markets,” NWR chief executive Mike Salamon said in a statement. “This is a significant moment in the growth and development of NWR as a company, and illustrates our commitment to investing in the development of our operations in Poland.”

NWR holds a 50-year mining license, granted in 2008, to extract coal from the Polish site. The company said it has also applied for a license to mine additional coal seams at the site and expects to receive approval for that project by mid-2012, following the completion of an environmental review.

Earlier this year, NWR said it planned to invest €25 million in the execution of a detailed development schedule for its Dębieńsko project, which is expected to break ground during the course of 2011. This initial investment is part of the €350 million–€400 million that NWR had earmarked over the next five years to open the Dębieńsko mine, which is expected to create up to 2,500 new jobs in Poland.

NWR recently reincorporated the parent company in Britain instead of its existing base in the Netherlands as part of its successful bid to get the share included in the London Stock Exchange’s FTSE 250 index.

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