Vladimír Urbánek (Kurzy.cz)
Czech markets  |  June 20, 2011 10:17:59

NWR: start the project Debiensko

NWR said they approved the start of the project Debiensko in Poland. The new mine has 190 million tons, which is consistent with earlier estimates. In Debiensko will be mined annually 2 million tons of coal - that is, although in line with our model, but also on the lower end of the company previously placed span perspective with 2-3 million tons. Start mining is expected in 2017, which is later than previously reported 2015/2016. About 12.5% ??should be steam coal and coking 87.5% (in line with expectations). Investment costs are expected in the volume of 411 million € + € 133 million related to operating costs.This sum is more than previously estimated € 350-400 million (NWR).

Overall, the statement slightly disappointing because mining will begin later in Debiensko and related costs increased by € 161 million (ie, within six years of CZK 14.7 per share).

Peter Bártek

Although the project is approved pursuant to our count, the risk of not continuing the project still exist and approval of the project is a positive message. NWR expects that this year "kicks to the country", the first coal to be sold would be available around the year 2017 and at full capacity (about 2 million tons per year) would be mine shortly after boot up. We are now counted in a model with slightly faster growth of the mine (first production 2016) and slightly higher average annual mining (2.3 million tonnes). On the contrary, the expected positive production mix mine with about 88% of coking coal and steam coal 12% (vs. our model 80:20). NWR expects CAPEX development at 411 million euro (50 million this yearEUR), which is consistent with previous information, we expect the model with 425 million. NWR also notes that it expects operating expenses in the period before the start of mining (about 2017) of EUR 133 million (ie an average of around 20 million per year), which is temporarily reduced profit margins due to NWR that these costs are not yet offset by proceeds from the sale of coal in Poland. Overall, acknowledges the approval of the project, which is in us for NWR crucial given the share of coal reserves in the Debiensko OKD coal reserves, slightly negative, the market response to information about the date of commencement of mining and operating costs in the period before the start of mining in Debiensko.

Marek Hatlapatka

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NWR: start projektu Debiensko

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