Amsterdam, 3 June 2010 – New World Resources N.V. (“NWR” or the “Company”), Central Europe’s leading hard coal and coke producer, today announced that miners at its wholly-owned Czech mining subsidiary, OKD a.s. („OKD“), will receive performance-related bonuses and higher holiday allowances than those agreed with the trade unions due to the Company’s good operational performance in the year to date and the successful price negotiations concluded in the first quarter of this year.
Klaus-Dieter Beck, an Executive Director of NWR and the Chief Executive Officer of OKD, said: “During the negotiations with the trade unions that led to the signing of our current collective agreement, I promised that in the event of a good operational performance the Company would reward its workers. These bonuses are also a recognition of our employees‘ innovative proposals to raise productivity and enhance safety.“
NWR announced earlier this year that although it expected total personnel expenses for the Company in 2010 to remain stable on a constant currency basis when compared to 2009, it would consider paying performance related bonuses to employees if market conditions improved and production targets were raised. The bonus payments announced today, which do not apply to OKD senior management and OKD mine directors, will not significantly impact NWR’s total personnel costs for the year.
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03 Jun 2010 New World Resources gives performance bonuses to miners (30KB PDF)
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