Czech miner OKD to invest EUR 300 mln in equipment

...its equipment, its owner New World Resources (NWR) said on Monday.

NWR said the investment would go into new equipment at its mines in eastern Czech Republic and would be rolled out in phases over the next two years.

"This capital investment programme is an essential component of a three-year productivity optimisation programme that NWR is implementing at OKD," Klaus-Dieter Beck, board member at NWR and chief executive of OKD, said in a statement.

"It will have a positive impact on the productivity and efficiency levels of our Czech mining operations, and will result in OKD being able to safely mine deeper, which will assist in the conversion of resources into reserves."

NWR has said it plans to float a third of its stock in Prague and London by December. It made a net profit of 389 million crowns ($21.3 million) in the second quarter on sales of 9.8 billion. (Reporting by Jan Lopatka; Editing by David Holmes)

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Keywords: OKD INVESTMENT/

[PRAGUE/Reuters/Finance.cz]