Coal

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Czech state approves New World Resources Plc agreement on Paskov mine

Tuesday, 29 Apr 2014 03:44am EDT

New World Resources Plc:Says Government of the Czech Republic approved the agreement regarding financial support of the closure of the Paskov Mine which is owned by OKD a.s., a wholly owned subsidiary of New World Resources Plc.The main elements of the agreement are: OKD extends the operation of the mine until Dec. 31, 2017 for its own account.The state provides an amount of 600 million Czech Koruna covering the social costs of the closure.If coking coal prices drop below $110 per ton for three consecutive quarters (according to the International hard coking coal benchmark) in period of between July 1 and Dec. 31, 2017, the agreement is invalid and both parties will renegotiate the agreement in good faith.OKD retains the flexibility to continue mining at Paskov after 2017 should it decide so.The agreement also becomes invalid if the net result of the Paskov mine is positive for at least four consecutive quarters (cumulatively).The official signing of the agreement will take place in the coming weeks.The agreement is further subject to notification and approval by the European Commission.

New World Resources Plc updates on Paskov negotiations

Tuesday, 22 Apr 2014 09:58am EDT

New World Resources Plc:Announces on April 22 that its wholly owned subsidiary OKD a.s. (OKD) has reached an agreement with certain members of government on a proposal to be submitted to government as regards financial support of the closure of its Paskov Mine.According to proposal: OKD extends the operation of the mine until Dec. 31, 2017 for its own account.The state provides an amount of 600 million Czech Koruna covering the social costs of the closure.Also if coking coal prices drop below $110 per ton for three consecutive quarters in period of between July 1 and Dec. 31, 2017, the agreement is invalid and both parties will renegotiate the agreement in good faith.OKD retains the flexibility to continue mining at Paskov after 2017 should it decide so.The agreement also becomes invalid if the net result of the Paskov mine is positive (in sum) for at least four consecutive quarters.The proposal is expected to be discussed by the Czech government by the end of April.After approval by the Czech government the agreed support needs to be approved by the European Commission.

Anhui Hengyuan Coal Industry and Electricity Power to merge with subsidiary and set up branch

Monday, 14 Apr 2014 08:00pm EDT

Anhui Hengyuan Coal Industry and Electricity Power Co Ltd:To merge with a wholly owned subsidiary, which has been engaged in coal mining, washing, processing and sales business in Anhui, with record date Dec. 31, 2013.To set up a branch in Anhui after dissolution of the subsidiary.

New World Resources Plc subsidiary extends MoU on Paskov mine

Tuesday, 1 Apr 2014 11:10am EDT

New World Resources Plc:Announces that its wholly owned subsidiary, OKD a.s. (OKD) has signed with the Czech State an extension of the Memorandum of Understanding (MoU) on the closure of its Paskov Mine.The validity of the MoU was extended by one month until April 30.The MoU that established a framework for co-operation was signed on Jan. 6.It set out the role of each party, and explained how they work together towards a mutually beneficial solution.

China Shenhua Energy Co Ltd announces investment in subsidiary

Monday, 23 Dec 2013 07:00pm EST

China Shenhua Energy Co Ltd:Says it will use 88.16 pct stake, 88.46 pct stake and 90 pct stake in three railway subsidiaries respectively worth 9.726 million yuan, as well as cash of 2,000 million yuan, to invest into a wholly owned railway holding subsidiary.

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.

Glencore Xstrata PLC To Close Nickel Mine-Reuters

Wednesday, 2 Oct 2013 07:38pm EDT

Reuters reported that Glencore Xstrata PLC is suspending operations at its Falcondo nickel mine in the Dominican Republic due to falling nickel prices. Wednesday's announcement came a day after legislators created a national park on the outskirts of the mine, although the Company said its decision was not related to environmental pressures. A spokesman for the Switzerland-based company said the mine will be shuttered temporarily for up to three years resulting in the loss of up to 1,000 jobs.

Guizhou Panjiang Refined Coal Co Ltd to Dissolve Subsidiary

Friday, 27 Sep 2013 08:00pm EDT

Guizhou Panjiang Refined Coal Co Ltd announced that it will dissolve a wholly owned subsidiary, which has been engaged in mining product investment, electric power investment as well as coalbed methane exploration and utilization in Guizhou.

New World Resources PLC to Close Paskov Mine

Tuesday, 17 Sep 2013 01:07pm EDT

New World Resources PLC (NWR) announced that NWR and OKD a.s. wish to update the market regarding the Paskov mine. The Company announced on July 15, 2013 that, as a divestment of the Paskov mine appears unlikely, the Company has been evaluating other scenarios including a temporary or permanent shutdown of the mine. The Company concluded that the Paskov mine is likely to remain uncompetitive in the medium term, and therefore has decided to close the mine with the phasing and terms of such closure to be determined after discussions with the Czech government and other stakeholders. NWR will update the market in due course.

NIPPON COKE & ENGINEERING CO LTD Announces Merger Between Subsidiaries

Friday, 2 Aug 2013 02:00am EDT

NIPPON COKE & ENGINEERING CO LTD announced that its two wholly owned subsidiaries will merge with each other, effective January 1, 2014. The newly merged subsidiary will be engaged in manufacturing and sales of machines in Fukuoka, Japan.

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