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DTEK signs concession agreements for the two largest state mines

DTEK signs concession agreements for the two largest state mines

8 December 2011

DTEK (DTEKUA) signed 49-year concession agreements for Ukraine’s two largest state-controlled steam coal mines, Sverdlovantracit and Rovenkiantracit, the company said yesterday. DTEK is targeting raising the mines’ aggregate output to 15 mmt in the near term (vs. 14 mmt expected this year). The holding said it has a five-year UAH 6 bln investment program for the two mines. Alexander Paraschiy: Intaking control of the mines, DTEK officially increases its share in domestic energy coal production from 40% to 64% (in terms of 11M11 output) and its share in anthracite coal production from 16% to 69%. The deal, however, should not affect DTEK’s position on the domestic coal market as it had significant influence on the two mines even before officially inking the concession agreements. DTEK invested UAH 0.9 bln into the two mines over the last two years as part of a strategic partnership with the state.

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