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New World Resources Plc's OKD to sign memorandum on closure of Paskov mine

Friday, 20 Dec 2013 12:09pm EST 

New World Resources Plc:Confirms that its wholly owned subsidiary, OKD a.s. (OKD) is in talks with the Czech State and a Memorandum of Understanding (the Memorandum) on the closure of its Paskov mine has been prepared.Says the Memorandum will establish a – non-binding – framework for co-operation.Says it sets out the role of each party, and explains how they work together towards a mutually beneficial solution by Mar. 31, 2014 at the latest.Says in this context the parties will explore the option of OKD extending the operation of the mine until Dec. 31, 2016 for its own risk and account after which ownership of the mine will be transferred to the Czech State for a symbolic 1 Czech crown,- for closure.Says this would be subject to certain conditions, such as approval of the European Commission and support of the mine's key stakeholders.Says the signing of the Memorandum is planned for Jan. 6, 2014. 

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-0.115 -9.02%
23 Jan 2015