1st Apr 2014 12:22
LONDON (Alliance News) - New World Resources PLC Tuesday said its Czech OKD subsidiary has signed an extension of its memorandum of understanding on the closure of its Paskov Mine in the Czech Republic.
The Central Europe-focused hard coal and coke producer said that OKD signed the deal with the Czech State, and the memorandum has been extended until April 30.
The memorandum, signed on January 6, establishes the framework for the closure of the Paskov site and explains how the parties involved will work together on the process.
As part of the memorandum, the parties were expected to explore the option of OKD extending the operation of the mine until December 31, 2016 at its own risk, after which ownership of the mine will be transferred to the Czech State for a symbolic CZK1.
New World Resources shares were down 1.8% to 33.38 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
New World Resources