Sadovaya increases coal mining 20% yoy in 5M12
12 June 2012
Sadovaya Group (SGR PW) mined 97 kt of coal at Sadovaya Mine and to 93 kt at Rassvet-1 Mine in 5M12, according to preliminary data from the Ministry of Energy and Coal, published yesterday. This implies +18% and +23% yoy growth, respectively. Altogether, the company boosted mining to 189 kt (+20% yoy) in 5M12. In May alone, coal mining at Sadovaya Mine added 4% mom to 25 kt, and inched up 1% mom at Rassvet-1 Mine to 18 kt.
Roman Topolyuk: The 20% spike in 5M12 mining occurred on a low comparison base (mining declined in 2Q11), so we believe Sadovaya is broadly in line with its full-year 2012 plan (12% growth yoy). We are waiting for the company’s confirmation of the ministry’s data on mining later this month, as well as looking forward to seeing whether the company’s trading (which showed a 31% yoy decline in 4M12) will be able to recover.
