Metinvest subsidiary Pokrovske Coal plans to raise output 12% in 2022

Pokrovske Coal, Ukraine’s largest coking coal miner
and a subsidiary of Metinvest (METINV), produced 6.24 mmt of raw coking coal
(17.1 kt per day) in 2021, a 1.7% yoy rise, according to a Dec. 30 report by
pokrovsk.news, a local news site, which cited the miner’s CEO, Valeriy
Yakovenko.

Pokrovske Coal plans to mine 7 mmt of raw coal in 2022
(19.2 kt per day), or 12% more yoy, Yakovenko said.

The daily raw coal production rate at Pokrovske Coal slid
1.7% m/m to 18.7 kt in December, according to Concorde Capital calculations.

Coal concentrate production at Pokrovske coal assets
amounted to 3.22 mmt in 2021, or 1.0% more yoy, according to Yakovenko.

Dmytro Khoroshun: Pokrovske
Coal’s 2022 plans look realistic, as the planned 2022 average daily production
rate is only 3% higher than the December average.

We maintain our neutral view on METINV bonds.