Ministers meet over future of OKD mining company

14-01-2016 updated

Government ministers met Thursday with managers of the struggling mining company OKD. Minister of Industry and Trade, Jan Mládek, said after the meeting that it had been agreed that any fundamental steps agreed by company management would have to be approved as well by the company’s creditors. He added that ongoing negotiations would focus on a possible restructuring plan for the company and the sale of the Frenstat mine to the state. Coal at that mine has not been exploited yet. The future of the OKD mines are threatened by low coking coal prices with around 13,000 immediate jobs at stake.