YakutUgol OJSC to invest 173 million rubles in geological exploration in 2007

YAKUTSK . On December 12, 2006 President of Yakutia Vyacheslav Shtyrov held a governmental meeting dedicated to the balance of YakutUgol's work in 2006 and company's plans for the next year.

Vladimir Petrov, YakutUgol director, reported the current results of financial and economic activity and the fulfillment of the output program for 2006.

The coal production of the passing year is 10,324,000 tons. Particularly YakutUgol produced 9,540,000 tons at Nerungri open-pit mine, 180,000 tons in Kangalasy, and 604,000 tons in Djebariki Khaya. Total annual receipts of sold coal products are 15.429 billion rubles. Export brought 10.374 billion rubles. Capital investments have been done at the rate of 1.21 billion rubles.

In regards to existing problems, Vladimir Petrov marked the decrease of annual profit due to the landslide of coal product prices in the market, heavy expenses in social field and the change of transport tariff policy.

At the same time main work directions have been set. The major strategic task is the reinforcement of company's competitive position owing to the increase of coal production at Nerungrinsky open-pit mine up to 10 million tons and the construction of Kholodnikansky coal mine with high performance targets.

Plans for technical renovation and investment activity have been set as well. Following year the company determined to invest 173 million rubles in geological exploration. Within diversification policy, YakutUgol plans to explore iron-ore deposits in South Yakutia .

Vyacheslav Shtyrov accentuated the necessity of searching new marketing outlets. Special attention must be paid to China and other states of Asian-Pacific region. “This is essential, as for East Siberia and the Far East will be gasified completely in the near future,” said the president.

// December 13, 2006

Written by Ruslan Basygysov.
Translated by YakutiaToday.Com

Russian resource: Yakutia-Sakha News Agency