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Strategy / Increased coking coal sales to Europe (produced and imported) 

Increased coking coal sales to Europe (produced and imported)

Rationale: Taking advantage of favourable global coal trade flows into Europe, we plan to supplement our own coking coal production from our current operations in the Czech Republic with imported seaborne coking coal. The Central Europe continues to be our core market and despite prolonged weakness in the global markets, the underlying fundamentals and longer-term resilience of the region remain strong.

Growing import market: European coking coal production has been on a downward trajectory for decades and to compensate for this decline, and for the coking coal qualities that cannot be regionally sourced, there has been a rising trend of seaborne imports into Europe. The estimated supply gap of coking coal in Central Europe is around 4Mtpa, reaching more than 50Mtpa for the whole of Europe.