Bosnia power utility Elektroprivreda BiH to buy entire 2011 mining output.

By bne IntelliNews April 19, 2011
Bosnia's largest power utility Elektroprivreda BiH has agreed to purchase the entire planned coal output of 6mn tonnes in 2011 after talks with the directors of its seven coal mines and the miners trade union, Onasa newswire reported. The mines are expected to receive KM 40mn (EUR 20.5mn) for their production, which would ensure their sustainable future development. Moreover, Elektroprivreda BiH is to provide the mines with additional KM 20.5mn in kind for advertisements. Elektroprivreda BiH is also to proceed with the second stage of the mines recapitalisation, under which it is to invest altogether KM 81mn in the mines. Elektroprivreda BiH also agreed with the coalminers on the establishment of a joint professional commission to decide on eventual correction of payment and bonuses in line with the quality of the mined coal. The wages are likely to be corrected in May 2011.

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