EastCoal suspends coal production at Verticalnaya mine, trade on stock exchanges
KYIV. Oct 21 (Interfax) - Canada's EastCoal Inc. with coal assets in Ukraine has suspended coal production at the Verticalnaya mine (Sverdlovsk, Luhansk region), transferring it into the mode of care and maintenance, reads a company report on the exchange.
The company made the relevant decision because it failed to agree on raising funds.
Due to financial difficulties, the EastCoal leadership decided to suspend trading in shares on the TSX Venture Exchange and the AIM. In addition, two non-executive directors of EastCoal were dismissed.
As reported, in July EastCoal started production of anthracite coal at the Verticalnaya mine, with the work being carried out on the new h11v layer. The output capacity of the Verticalnaya mine is 3 million tonnes per year.
Earlier EastCoal initiated the reorganization of Inter-Invest Coal, which is the operator of Menzhynsky mine. Under reorganization, a new enrichment factory in Pervomaisk was sold to Donbasenergovuhillia.
