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Montenegro's Rudnik Uglja to limit investments in 2020 - CEO

Author Radomir Ralev
Montenegro's Rudnik Uglja to limit investments in 2020 - CEO Source: Rudnik Uglja

PODGORICA (Montenegro), May 22 (SeeNews) – Montenegrin coal miner Rudnik Uglja [MNG:RUPV] plans to reduce investments in 2020 due to the adverse effects of the coronavirus crisis, CEO Slavoljub Popadic has said.

"The current situation with the coronavirus will reduce the volume of investments. We made three models, ranging from a minimum of 3 million euro ($3.3 million) to the initially planned 19 million euro," Popadic said in an interview published in the May issue of the monthly magazine of Montenegro's majority state-owned power utility company EPCG [MNG:EPCG].

The choice of the model will depend on the inflows, Popadic said.

Rudnik Uglja plans to produce 1.602 million tonnes of coal in 2020, 1.46 million tonnes of them for the needs of the Pljevlja coal-fired power plant, Popadic noted.

"Two key moments in the projections for the next five years are the preparation of the terrain for the return of the Cehotina river to its natural bed and the opening of a new mine that will work in parallel with the Potrlica mine," he added. 

The net profit of Rudnik Uglja, fully-owned by EPCG, rose to 4.5 million euro in the first quarter of 2020 from 4.2 million euro in the like period of the previous year.

($ = 0.917272 euro)