Eastcoal Inc.: The ambiguous experience of Canadian investors in the coal industry of Ukraine

The Canadian company Eastcoal Inc., which is disposed of in Ukraine by the East Coal Company LLC, has ambiguous experience with Ukrainian mines. A rather large North American investor was interested in two objects at which Ukrainian ministers actually set up a cross due to their non -perspective and even loss -making. We are talking about two mines located in the Luhansk region - them. V. Volodarsky (now "Vertical") in Sverdlovsk and named after Menzhinsky (now "Maria-Delibe") in Pertysk. Due to the deep recession of the financial market and negative trends in the global coal market, investment in the development of the Maria-Dream Mine, where the coking coal of the Zh brand is mined, was discontinued. In addition, problems began with the payment of salaries to workers. As a result, between Eastcoal Inc. And the employees of the enterprise arose a conflict. The case will be resolved in the coming days, since the contract for renting a mine with Canadians will be terminated on August 31, and the company, most likely, will return to the property of the Ministry of Energy of Ukraine. The wage arrears to the workers are already almost repaid, for this I had to sell the carbon fiber factory that the Canadian company managed to build.

Things are much more optimistic with the Vertical mine, which was commissioned more than 100 years ago, survived the war and reconstruction. This week, the press service of Eastcoal Inc. She said that at the mine, which was actually eliminated 20 years ago, allegedly due to unprofitability, it was possible to get the first tons of coal from the layer of H11B, which was not previously worked out in the Sverdlovsk district. Its development was not conducted due to the nimble of mining. True, the crisis did not bypass this project. So in the first quarter of 2013 at the Vertical Mine, due to financing problems, all work was temporarily suspended, but at the moment the situation has stabilized. In addition, on August 27, the enterprise replaced the first leader - Evgeny Borisov, who worked at the leading posts of the coal mining enterprises of this region, was replaced by the new director of the mine. In Eastcoal Inc. This project is considered very promising, because due to the low sulfur content and the high percentage of carbon -containing elements, as well as other positive indicators in the resulting coal, make it very competitive not only in domestic, but also in foreign markets.