Russian Minister of Energy Sergei Shmatko said he expects Russia's coal production to increase by seven percent in 2010 to 320-322 million mt.
The minister noted that in 2009 the coal output in Russia recorded the lowest volume of the previous four years. In 2010, the country has seen a trend towards improvement in the coal industry, with coal output in the first 10 months of this year increasing by 19.3 million mt year on year to 261 million mt.
In addition, Mr. Shmatko observed that the economic and financial performance of coal industry companies has also improved. The total profit of the coal companies in the current year up to September 1 amounted to Ruble 42.6 billion (about $1.36 billion), compared to a loss of Ruble 1.4 billion ($44.6 million) in the same period last year.
Russia has the second largest coal reserves in the world. Currently, the country's proven coal reserves amount to 193.3 billion mt, including 39.8 billion mt of coking coal, while its prospective resources amount to about 3.82 trillion mt. At present rates of extraction, these coal reserves are sufficient for more than 550 years.
Currently, coal extraction in Russia is carried out at 137 open-pit mines and 91 sub-surface mines, with total annual production capacity of more than 370 million mt.