You're reading: Coal Energy cuts coal production by 92.7% in October

Coal Energy S.A. (Luxembourg) with assets in Ukraine cut coal production by 92.7%, or 63,425 tonnes, in October 2014 from October 2013, to 5,011 tonnes, the company said in its production update on the Warsaw Stock Exchange on Nov. 17. 

“Currently the company ceased production of thermal coal and coal from waste dumps processing due to dangerous working conditions for employees caused by ongoing military conflict in the [Donbas] region and consequently production volumes of these types of coal are insignificant,” the update reads.

At the same time, coal production in October 2014 was 86.5%, or 2,324 tonnes, up on September 2014.

Coal Energy unites 10 coalmines, waste dumps processing and enrichment facilities. The company sells coal to heat producers, coking, chemical and cement plants, as well as municipalities. Coal Energy also exports coal to Bulgaria, Slovakia, Moldova, and Turkey.

Prior to its initial public offering (IPO), 100% of Coal Energy’s shares belonged to Cyprus-based Lycaste Holdings Limited, which is 50:50 owned by Viktor Vyshnevetskyy and Maryna Vyshnevetska.