Coal miner NWR to work with Polish JSW

...develop mines in southern Poland, the two companies said on Wednesday.

Dutch-based NWR, which controls the biggest Czech coal miner OKD, is considering floating stock on bourses in London and Prague later this year or early next year. JSW is the biggest coking coal producer in Europe.

The Czech group and its Polish partner plan to open coal deposits at the Morcinek field, using NWR's existing OKD mine and surface facilities for access from the Czech side of the border with Poland.

"There is also potential to develop new mining facilities in the Morcinek region on the Polish side of the border," the companies said in a joint statement.

They said they had yet to detail the terms of cooperation, economic viability and capital requirements.

NWR, which sold some 13.5 million tonnes of coal last year, reported revenues of 9.8 billion crowns ($504.1 million) in the second quarter of this year, 14 percent up from a year ago. Its revenues reached 37.3 billion crowns last year.

JSW mined 13.3 million tonnes of hard coal and generated consolidated revenues of 6.23 billion Polish zlotys ($2.38 billion) in 2006.

[PRAGUE/Reuters/Finance.cz]