Miner NWR looks at possible mine sales after record Q1 loss

PRAGUE May 16 (Reuters) - Czech coal miner New World Resources (NWR) posted a record first-quarter net loss of 80.3 million euros ($103.3 million) on Thursday and announced plans to strengthen its finances through divestments and cost cuts.

The miner, owner of the largest Czech hard coal mines, cut its 2013 production outlook to 9-10 million tonnes from a previously expected 10-11 million after flagging the move in April because of an increasingly difficult trading environment.

The company said it would take short-term measures worth 100 million euros to boost its financial position. It added it has started the process to divest its coke operations unit OKK and would look at mines that could be idled or sold.