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Recent media reports about OKD

4th Jun 2013 17:43

RNS Number : 2982G
New World Resources Plc
04 June 2013
 



Amsterdam, 4 June 2013

 

 

Recent media reports about OKD

 

New World Resources Plc ('NWR' or the 'Company') notes recent reports in the media over the status of discussions between its wholly owned subsidiary OKD, a.s. ('OKD') and OKD's trade unions.

 

Following negotiations on Friday 31 May 2013 and today, an agreement was concluded today between OKD and its trade unions in regards to the timing of the payment of part of the summer bonus, under the previous collective bargaining agreement, which is currently still in effect.

 

The new collective bargaining agreement covering years 2013-2017 has not been signed, and negotiations are ongoing. OKD's position in these negotiations will be in line with the business optimisation steps announced on 16 May 2013.

 

In line with the announcement from 16 May 2013 we have been conducting stress tests to identify individual mines or sections of individual mines at OKD that could be idled or divested. This process is currently underway and no final decisions have been made yet in this respect. This also applies to the Paskov mine. We will keep the market updated with any material information as it arises.

 

 

 

For further information:

Investor Relations Corporate Communications

Tel: +31 20 570 2244 Tel: +31 20 570 2229

Email: [email protected] Email: [email protected]

 

Website: www.newworldresources.eu

 

About NWR:

New World Resources Plc is one of Central Europe's leading hard coal and coke producers. NWR produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic. NWR's coke subsidiary OKK, is Europe's largest producer of foundry coke. NWR currently has several development projects in Poland and the Czech Republic, which form part of NWR's regional growth strategy.

 

In 2013 the Company announced a strategic outlook to reposition NWR into Europe's leading miner and marketer of coking coal by 2017.

 

NWR is a FTSE 250 company, with listings in London, Prague and Warsaw.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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