Clarion Partners - Owner's Engineer

Kolubara plans big investment cycle

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Mining basin company (RBK) “Kolubara” plans to invest 1,5 bilion euros in next six years in opening of new mine fields, extension of existing and procurement of mining machines, stated Mr.Nebojsa Ceran.

Mr.Ceran explained that around 500 mil euro will be invested in opening of new mine field Radljevo, underlining that this funds will be provided by investor who will construct the new power plant unit Nikola Tesla B3. For modernization of existing and opening of new mine fields we need one billion euros, in order to produce 30 mil tons of coal per year which are needed for electricity production in Electric power of Serbia power plants.

Kolubara from its own assets will invest in 2011 80 mil euros, and in 2012 around 100 mil euros, stated Mr.Ceran to the press on international conference on investments in mining industry.

Additional investment funds are expected of around 150 mil euros which will be provided from credit lines of EBRD and German development bank KfW

Ceran express the expectation that Kolubara will achive similar earnings like last year, stressing that earnings in 2009 and 2010 were 20-25 mil euros, and that net earnings were 2-3 mil euros.

Kolubara from its own sources is providing around 20% more of its own assets for investments thanks to savings and business reorganization, explained Mr.Ceran and added that the company plans the procurement of some new mining equipment in the following period.

Kolubara Director Mr.Ceran explained that company will face some big challenges in the following period, considering the fact that some existing fields would have to closed and that the opening of new fields is expected in Vreoci area. Vreoci resettlement project is underway in accordance with plans and Kolubara is fulfilling all its obligations toward all related stakeholders.




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