Metinvest affiliate Pokrovske Coal output rises 2% m/m in June
19 July 2019
Private joint stock company Pokrovske Coal produced 13.5
kt of raw coking coal per day in June, a 2.2% m/m gain, according to Concorde
Capital’s analysis of Energy Ministry data released on July 16.
In 1H19, Pokrovske Coal produced 2.17 mmt of coal, a
0.7% yoy increase.
Recall, Pokrovske Coal said in its 2018 annual report
that it plans to boost coal production 42% yoy
to 5.63 mmt in 2019.
Dmytro Khoroshun: After a jump in May, coal
production remains at high levels (June’s annualized production rate is 4.94
mmt) at Pokrovske Coal. However, in order to reach the 5.63 mmt target for
2019, the company has to produce at a rate of 18.8 kt per day in 2H19, which
seems unrealistic. We tentatively expect Pokrovske Coal to produce 4.56 mmt of
raw coking coal in 2019, up 15% yoy.
We maintain our bullish view on METINV bonds.
