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OKD Invests EUR 300 Million in Its Mine Technologies

OKD Invests EUR 300 Million  in Its Mine Technologies

OSTRAVA, 19 November 2007 -  The company OKD, a. s., which is the biggest producer of bituminous coal in the Czech Republic, today has presented its plan for implementation of  a large-scale investment  program in a value of approx. EUR 300 million  (more than CZK 8 milliard) in its mine technologies.

 

The investment program comprises a purchase of 10 new longwall mining sets and 12 new heading sets for mines operated by OKD. The program is supposed to be implemented gradually in the course of next 24 months. A Letter of Intent has been already signed with particular technology contractors. The new technological facility will contribute to the extraction efficiency enhancement, improved productivity and safety.

 

Mike Salamon, Chairman of the Board of Directors of the company New World Resources, which is a sole shareholder of OKD, says: "The investment program is in compliance with a wider growth strategy of the company NWR in the region of Central and East Europe, and indicates our promise to invest in our mining operation plants to be safe, efficient and productive."

 

Klaus-Dieter Beck, Chairman of the Board of Directors and General Director of the company OKD, says: "This investment program is one of pillars of the three-year productivity plan optimization having been introduced by NWR in the company OKD. It will have a postive influence on a level of the productivity and efficiency of our mine operations. Simultaneously, it will enable us safe extraction from bigger depths which will contribute to conversion of other resources to stocks."

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