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It’s a tricky business forecasting profits and things like this don’t help.
A couple of months ago, New World Resources, one of those eastern European mining companies that floated in London over the past couple of years, told the market that due to the “strength” of its customer relationships it had managed to “commit and price 100%” of its expected production of thermal and coking coal for 2009. Read more
A Czech coal producer looks set to become the latest mining company to list on the London Stock Exchange, with plans to raise at least €1bn ($1.57bn) to fund new mines in Poland and Ukraine.
Netherlands-based New World Resources is likely to enter the FTSE 100 index later this year if its listing is successful, as analysts have estimated that its market cap will be at least €4bn.