Czech coal miner NWR to buy 25 per cent in Ukrainian iron ore firm

Business News

Oct 20, 2008, 9:19 GMT

Prague - Czech coal miner New World Resources (NWR) said Monday it plans to buy a 25-per-cent share in the Ukrainian iron ore pellet producer Ferrexpo from RPG Industries, NWR's majority shareholder. The mining group said it will pay 163.3 million euros (220.1 million dollars) for the stake that RPG Industries bought earlier in October. 'We are taking advantage of a unique market opportunity to secure a significant holding in Ferrexpo at an attractive valuation,' NWR's executive chairman Miklos Salamon said in a statement. NWR said the acquisition will be fully funded from its cash position that stood at 668 million euros on June 30. The miner said it plans to call an extraordinary shareholders' general meeting to approve the purchase. Ferrexpo is a Swiss-based firm, whose majority owner is Ukrainian billionaire Kostiantyn Zhevaho. The firm's principle asset is Poltava Mining in Ukraine. NWR, a Dutch-registered company, holds the Czech Republic's largest coal mining company OKD. Its majority shareholder RPG Industries is co-owned by Czech financier Zdenek Bakala.

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