Russian Coal ups coal production by 70% in 9M
KRASNOYARSK. Oct 16 (Interfax) - OJSC Russian Coal (Moscow) in January-September 2015 increased coal production by 70% year-on-year to 10.05 million tonnes, the company's press service told Interfax.
"The increase in production is connected with the rise in demand for coal on the domestic market and abroad, in the first place, in the countries of the Asia Pacific region," the coal company said.
In the reporting period, Russia Coal shipped 9 million tonnes of coal to consumers. Supplies to the domestic market rose by 4% and exports rose by 16%. The company ships coal to consumers in 60 regions of Russia, Poland, the Baltic States, Bulgaria, Slovakia, China, Japan and South Korea.
Russian Coal is planning to increase the production of high energy bituminous coal in the future.
"According to our forecasts, a price increase is expected on the coal market of the countries of the Asia Pacific region in 2016-2017. Therefore we will strengthen our presence in this region," a representative of the press service said, citing the company's deputy CEO Stanislav Grachev.
OJSC Russia Coal was established in February 2009. The majority shareholder (99.99% of shares) as at July 1, 2015 was Cyprus-based Claverley Holding Ltd. Total balanced coal reserves of the company's fields amount to 904.1 million tonnes. The company's production assets are located in the Krasnoyarsk territory and in Khakassia, the Kemerovo and Amur regions.