Tuva Mining Company LLC Announces H1 2010 Results
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 24.08.2010 |
Tuva Mining Company LLC (TMC is managed by En+ Group; it owns the Kaa-Khem and Chadan open pits located in the Republic of Tuva) announces its results for the 1st half of 2010.
The open pit mines of TMC produced 339 thd tons of coal, a 91% rise compared to the previous year's respective period. The Kaa-Khem's output totaled 289.5 thd tons (+105%); the Chadan's output rose 39% to 49.8 thd tons.
The amount of coal shipped to the TMC's consumers totaled 341 thd tons in H1 2010 (+96% compared to 2009). The Tuva-based consumers received 199 thd tons, 142 thd tons shipped to other regions. Siberian energy and utility companies were the main consumers of Kaa-Khem and Chadan coals; in February 2010, TMC started deliveries to metallurgical companies of Russia and Ukraine.
Stripping amounted to 2,300.1 thd m3, which is also higher than the TMC LLC's plan. The current stocks ready to be shipped total 102 thd tons, 23% above the plan.
In July 2010, Tuva Mining Company attracted a RUR600 mln loan to finance a working capital increase and equipment purchases; the new equipment is to raise the efficiency and cut costs.
En+ Group Managing Director (Coal) Andrey Churin commented: "The Kaa-Khem and Chadan mines' H1 2010 results expose the potential of Tuva Mining Company. Now that we have met the demand of our Tuva-based consumers, our intention is to actively develop new markets for the Tuvan coals and to reach our strategic objective, which is to the annual output of 1 mln of high-grade coal."
About the company:
Tuva Mining Company LLC, managed by En+ Group, is part of the business structure owned by Oleg Deripaska. Its commercial reserves of coking coal total over 80 mln tons after it acquired Kaa-Khem and Chadan open-pit mines in November 2009.
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