Coal Energy S.A. board of directors decided to sell its Donbassuglerazrabotka (Vasily Veliky mine, Donetsk) to minimize losses.
“To bring the mine to the profitable level will require too much investments, while ours are highly limited”, said the company in its statement.
Coal Energy unites 10 coalmines and processing units. In July 2015 – June 2016 the company received $7.9 million of net losses, down 3.9 times YoY, with its revenues up by 58.7%, to $20 million. (Ukrainian metal)