6 December 2011
Sadovaya Group (SGR PW) increased monthly coal output 4.0% mom (+98% yoy) to 47,500t in November, according to preliminary data from the Ministry of Energy and Coal. 11M11 mining output grew 64.6% yoy to 417,800t. Alexander Paraschiy: The November numbers suggests the Sadovaya Mine’s new k7n seam longwall, commissioned in July 2011, has reached its projected capacity (about 9,000t per month) in-line with the company’s initial plan: the mine’s output grew 8,300t vs. June 2011. On the downside, the company is on pace to fulfill its full-year 2011 mining plan of 501,000t by only 92-94%. We continue to wait for news on the commissioning of new longwalls at the Rassvet-1 Mine, as announced by the company earlier this year.