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Metinvest subsidiary Pokrovske Coal output might rise from mid-2022

Metinvest subsidiary Pokrovske Coal output might rise from mid-2022

11 February 2022

Pokrovske Coal, Ukraine’s
largest coking coal miner and a subsidiary of Metinvest (METINV), might
increase its output substantially around May, according to a Feb. 10 interview
by the head of Metinvest’s coal directorate Kostyantyn Vyalyi to Orbita, a
local TV station.

 

There were certain
problems with production in January and the volumes were below planned, Vyalyi
said, adding that by end-February Pokrovske Coal should catch up with its
business plan.

 

Recall, Pokrovske
Coal’s daily output dropped 7% m/m in January to 16.9 kt as the miner launched a new longwall in mid-January.

 

Dmytro Khoroshun: Daily output at Pokrovske Coal might
rise a bit m/m in February, but no large increases should be expected until
mid-year, we conclude.

 

In any case, the
actual production volumes will be the best indicator of Pokrovske Coal’s
progress with its plans and investments.

 

We tentatively
expect Pokrovske Coal’s 2022 output at 6.4-7.3 mmt (17.5-20.0 kt per day), or
3-17% more yoy.

 

We maintain our neutral view on METINV bonds.

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