12th Feb 2015 14:47
LONDON (Alliance News) - New World Resources PLC, a Central European hard coal producer, Thursday said the European Commission has approved public funding by the Czech Republic to facilitate the closure of the Paskov mine operated by the company's OKD subsidiary.
"The aid aims to ease the closure process and provide financial support to those working in the Paskov mine," New World Resources said.
Under a deal reached in April 2014, the Czech state is to contribute CZK600 million to cover the social costs of the closure, provided that OKD would keep the mine open until the end of 2017.
New World Resources shares were down 11% at 1.13 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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