Central Europe-based miner New World Resources Plc (NWR) has announced its financial results for the first quarter of 2013.
In the first quarter, New World Resources registered a net loss of €80 million, compared to a net profit of €6 million in the corresponding quarter of the previous year, affected by the deterioration of the global coking coal markets, which began in mid-2011. NWR's sales revenues decreased by 31 percent year on year in the first quarter to €240 million, while the company posted an operating loss of €66 million, compared to an operating profit of €11 million in the first quarter of 2012.
During the first three months, NWR's total coal output decreased by 10 percent to 2.14 million mt, while external coal sales declined by 11 percent to 2.03 million mt, both compared to the corresponding period of the previous year.
NWR aims to become Europe's leading miner and marketer of coking coal by 2017, doubling its coking coal sales and supplying a broader set of European steel customers with the full range of coking coal qualities. For 2013, the company expects coal production between 9 and 10 million mt and coke production of 800,000 mt.