The Russian coal mining company Belon Group (Belon) has announced that in 2009 it will invest about Ruble 1.565 billion (approx. $45.5 million) in the development of its Kuzbass-located facilities.
The investments in question will be directed towards the purchase of new equipment for its mining facilities, for the completion of the construction of its Kostromovskaya station, and for the acquisition of mineral exploration licenses. In addition, Belon plans to invest about Ruble 506 million (approx. $14.71 million) in safer working conditions.
In 2008, Belon invested Ruble 3.955 billion (approx. $115 million) in the development and modernization of its production facilities. From these funds, Belon completed the consruction of the Kostromovskaya mine and of the Novobachatsky open-pit mine, and finished the reconstruction of the Inya station. In addition, about Ruble 505 million (approx. $14.7 million) were invested in safer working conditions at its Kuzbass-located mining and processing facilities.
Moreover, in 2009 Belon plans to produce about 7.5 million mt of coal - up 34 percent compared to the previous year's production plan of seven million mt, of which it produced just 5.6 million mt due to the decrease in coking coal sales in November 2008 and due to problems relating to coal transportation from Kuzbass to sea ports. As regards exports, the company plans to ship to 600,000 mt of coking coal concentrate in 2009.