Sadovaya ups coal sales 5% mom in April, still lower 31% yoy

Sadovaya Group (SGR PW) increased coal sales 5% mom to 78 kt in April, according to a production report published yesterday. Underground mining grew 7% mom to 42 kt, in line with preliminary data from the Ministry of Energy and Coal. Sadovaya produced no coal from waste reprocessing in April due to suspended operations at an old enrichment factory, which is to be replaced by a new facility expected to be launched in July. Coal sales decreased 31% yoy to 272 kt in 4M12, mainly due to an estimated 2.1x yoy decline in third party coal reprocessing. Coal mining grew 15% yoy to 146 kt in 4M12.