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New World Resources PLC to Revise Its FY 2013 Production Guidance in Difficult Environment - Reuters


Thursday, 18 Apr 2013 05:29am EDT 

Reuters reported that New World Resources PLC is going to cut targets in its full-year guidance because a difficult trading environment has hit its operating performance. The London and Prague-listed Company, which supplies the central European units of steelmakers ArcelorMittal and Evraz, said on Thursday (April 18, 2013) it would disclose its new target "in a timely manner". The Company’s shares fell to a fresh record low of CZk 52.7 per share in Prague, less then an eighth of the value the share had at its 2008 stock market debut. The Company had in February 2013 set a coal production target for the 2013 fiscal year at between 10 million and 11 million tones, after 11.2 million tones in 2012. It was also targeting sales of 9.5 million to 10.5 million tones, split equally between coking and thermal coal.