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Bigger-than-expected loss for embattled Czech coal miner

World Coal,

Continued weak coal prices have placed yet more pressure on embattled Czech coal mining firm, New World Resources (NWR). The challenging coal market conditions saw the company post a bigger-than-expected net loss over Q3 2014.

NWR lost €71.2 million over the quarter – almost €20 million more than the €52.8 million loss many analysts had been expecting.

NWR completed a major debt and equity restructuring last month.

NWR confirmed a sales and production target of 8.75 – 9.00 million t in 2014 and said it expected output of 7.50 – 8.00 million t in 2015. The company said it did not see significant price movements in either metallurgical or thermal coal next year. 

Written by Sam Dodson

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