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EastCoal to cut 400 jobs in Ukraine

By BFN News | 01:10 PM | Tuesday 12 March, 2013


EastCoal is cutting around 400 jobs at its Ukrainian operations to improve operational efficiency. The company currently employs approximately 1,200 employees across its Menzhinsky and Verticalnaya operations. EastCoal also said it restarted its wash plant at the Menzhinsky mine at the end of February following the completion of engineering improvements and expects production to ramp up over the next few weeks. It said the geological challenges experienced at the Menzhinsky underground mine, announced on 8 February, have continued and, as a result, the board has ordered the immediate discontinuation of the current longwall, two months earlier than originally planned. The company will continue with the development of the Central longwall, which should be ready for production on 1 May, in line with the expected timing set out in the company's recent AIM admission document. The Directors believe that the Central longwall should have the capacity to produce 7,000 tonnes of coal per month. At 1:10pm: (LON:ECX) share price was 0p at 4.75p Story provided by StockMarketWire.com

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