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The Oltenia Energy Complex announces that it has secured the coal reserves for the winter

By Emea Riga

The Oltenia Energy Complex (C.E. Oltenia), one of the largest energy producers in the country, announces that it has fulfilled its obligations regarding the provision of coal reserves and that it has stored 1.59 million tons, according to a press release published on the company's website.
"The coal reserves at C.E. Oltenia are insured. According to the Government Decision on the approval of measures to achieve the national electricity system's safety stocks with respect to lignite, on 15 November 2017, the EC Oltenia had to have a stock of 1.5 million tons of coal. Effectively, on November 15, 2017, C.E. Oltenia had 1,239,800 tons of coal in the thermal power plant's warehouses, 312,200 tons in the Mining Department deposits and another 39,600 tons on the route, in unloaded shuttles (total 1,591,600 tons), "a press release published on the company's website.
The company representatives say the set targets have been exceeded.
"In the winter of 2017-2018, the energy groups of C.E. Oltenia will operate according to the requirements of the National Power Dispatcher and the consumption needs of the National Power System, "the communiqué said.
Energy producer officials say they pay close attention to both energy groups and installations in coal-fired power plants, as well as mining.
"A program of closures and thermal insulation, sealing tunnels, rehabilitation at the mining machinery booths, works to ensure access roads in quarries is in the process of being finalized," the press release said.
As far as winter work equipment is concerned, it is stressed that all the contracts for the purchase of the required goods have been concluded, most of the goods being already fully supplied.
"For the optimal delivery of heat to the population, the district heating plant has been reviewed by replacing reinforcements, mechanical and chemical cleaning of boilers and heat exchangers, as well as the restoration of thermal insulation," the press release said.
The company has approximately 13,300 employees.
C.E. Oltenia also estimates for this year a gross profit of 186.4 million lei after three consecutive years of losses.
The energy producer estimates a total revenue of 4.3 billion lei this year, an increase of 15% compared to the approved budget, amounting to 563.77 million lei, shows the projected budget for income and expenditure rectified for 2017.
Last year, the company lost 139.8 million lei. The last year when it made a profit was 2013, when the company reported a net result of 4.59 million lei.
In the first nine months of this year, the Oltenia CE produced over 11 TWh and around 17 million tons of coal.
The Oltenia Energetic Complex was set up in 2011 by merging the Rovinari, Turceni and Craiova Energetic Complexes with the Oltenia Lignite National Society.
The Ministry of Energy holds 77.15% of the company's shares, while Fondul Proprietatea controls 21.55% of the shares. The rest of the shares belong to Electrocentrale Grup (0.84%) and the Company for Closure - Preservation of Mines.(rbj/17.11.2017)

Romania's coal production increased by 15.5% in the first 8 months

By Emea Riga
Romania's net coal production totaled 3,07 million tons of oil equivalent in the first eight months of the year, with 15,5% (411,900 tep) higher than in the similar period of 2016, according to centralized data by the National Institute of Statistics (INS).
In the mentioned period, Romania imported 339,600 net coals, 11,100 tep (3,4%) more compared to the quantity imported in the same period last year.
According to the Energy Strategy project, published on the ministry's website, Romania has total reserves of 12.6 billion tons of lignite, geographically concentrated in the Oltenia Mining Basin. Inventories in operation totals 986 million tonnes.
The coal reserves, concentrated in the carboniferous basin of the Jiu Valley, amount to 2.2 billion tons, of which 592 million tons are in the exploited perimeter.(rbj/29.10.2017)

Romania's coal output advances 14.4%; imports down by 9.7%

By Emea Riga

Romania's net coal output totalled 2.667 million tones of oil equivalent January through July, up 14.4 per cent (336,600 toe) y-o-y, according to data centralized by the National Institute of Statistics (INS).

Romania imported 249,900 net toe of coal, down 26,900 toe (9.7pct) from the same period of the year before.

According to Romania's Energy Strategy project published on the Website of the Energy Ministry, Romania is said to have total reserves of 12.6 billion tonnes lignite geographically concentrated in the Oltenia mining Basin. Mines operate 986 million tonnes.

Romania's bituminous reserves, concentrated in Valea Jiului's mining basin totals 2.2 billion tonnes, among which 592 million tonnes are to be found in the perimeters under exploitation. (rbj/18.09.2017)

Coal production up 14.7% in H1

By rbj

Coal production reached up to 2.256 million tonnes of oil equivalent in the first half of the year, by 14.7 per cent (289,600 toe) more than in the same interval of last year, according to data centralized by the National Institute of Statistics (INS).

Romania imported 181,100 toe in the same time span, by 54,000 toe (23 per cent) less than in January-June 2016.

According to the Strategic Energy project, as published on the Energy Ministry's Webpage, Romania has total lignite reserves worth 12.6 billion tonnes in the Oltenia Mining Basin. Under exploitation there are now 986 million tonnes.

The pit coal reserves, concentrated in the Valea Jiului carboniferous basin total 2.2 billion tones, out of which 592 million tones are in such areas where exploitation works are conducted. (rbj/11.08.2017)

Coal mining wages see steepest decrease this May, by over 14%

By rbj

Wages in the coal mining sector dropped 14.4 percent this May from the previous month, while metal ores mining and forestry registered the most substantial growth, by 15.5 percent and 13.3 percent respectively, the National Institute of Statistics (INS) said in a release.

The gross nominal average pay was 3,288 lei in May this year, 0.1 pct down from April 2017, while the net nominal pay was 2,363 lei, 3 lei lower from the previous month. The highest net average wage was for information technology services (5,842 lei), while the HoReCa industry was at the opposite end with just 1,376 lei, INS said.

Compared with May 2016, the net average wage was up 14.4 percent. The year-on-year real wage index was 113.8 percent. The most significant declines in the net average wage were as follows: coal mining (- 14.4 percent); insurance, reinsurance and pension funds (except for the public social security system) (-12.4 percent and - 12.1 percent, respectively); financial intermediation auxiliary services. Pays decreased between 6 and 9 percent in the supply of electricity and heat, gas, hot water and air conditioning, financial intermediation (except for insurance and pension funds), the tobacco industry, water transportation, the manufacturing of non-metal mineral products.

Declines between 2 and 3.5 percent were in the sector of mining auxiliary activities, printing, warehousing and transport-related activities, other mining activities, the manufacturing of basic pharmaceutical products and preparations, postal and courier activities, IT, beverage manufacturing, wastewater collection and treatment. The most significant monthly rises in the net average wage were as follows: 15.5 percent in the mining of metal ores; 13.3 percent for forestry and forest exploitation (fishing and aquaculture included); between 3 and 5.5 percent in road and pipeline transportation, the manufacturing of rubber and plastic products, furniture manufacturing, coke and oil processing, leather tanning and dressing (including the manufacturing of luggage and leather goods, straps and shoes, furs preparation and dyeing), other industrial activities. In the public sector, the net average monthly wage was up from the month before in education (+2.8 percent) and public administration (+1 percent). The net average wage declined slightly in healthcare and social assistance (- 1.1 percent). (rbj/07.07.2017)

Romania's coal output advances 6.8%, Jan.-April, 2017; imports down almost 29%

By rbj

Romania's net coal output January-April, 2017 totalled 1.461 million tonnes of oil equivalent (toe), up 6.8 percent (93,500 toe) y-o-y, according to data with the National Statistics Institute (INS).

Over the same period, Romania imported 116,700 toe coal, down 47,500 toe (28.9 percent) from the same period of the year before. Under Romania's Energy Strategy posted on the website of the Energy Ministry, Romania is said to have total reserves of 12.6 million tonnes of lignite geographically concentrated in the Oltenia mining basin.

Exploited reserves total 986 million tonnes. The country's bituminous coal reserves, geographically concentrated in the Jiu Valley, total 2.2 billion tonnes, 592 million of which are in areas under exploitation. (rbj/28.06.2017)

Vast Resources has started the testing production of silver and gold from the Mănăila mine

By rbj

Vast Resources has started the first tests for the precious metals, silver and gold, at the Mănăila mine. The company anticipates that it will be able to extract about 30 tons of silver and gold concentrate monthly starting from May 2017. Therefore, the British company will add another type of concentrate that will be processed at the Suceava mine, reaching a total of 3 products: copper, zinc, gold and silver.

The new type of processing for the gold and silver concentrate is an environment friendly one, given the fact that it doesn’t involve the use of chemical substances. The precious "native" metals are present in the residues from the extracted ore processed at Mănăila and are separated from the rest of the materials by a process involving crushing and centrifugation.

Production of gold and silver concentrate is an important step in the development of the Mănăila mine, being the second type of concentrate for which the company has found processing solutions in the last year. "Last year at Mănăila mine we brought experts who found the necessary solutions for the separation of zinc and copper concentrates, but who also saw the potential of separating gold and silver. Therefore, starting this year we will have an important gold and silver concentrate production every month", said Andrew Prelea, CEO and President of Vast Resources Romania. Additionally to processing the new type of concentrate, the company has high expectations regarding the quantities of copper and zinc concentrate extracted monthly for which significant increases are expected.

Vast Resources was founded in late 2005, having the exploration of mineral deposits in Zimbabwe and Southern Africa as main activity. In addition to the activity in Africa, in May 2013 Vast Resources has turned its attention to Romania, in order to develop business strategy.

The company uses the latest technology for exploration, such as software for managing spatial data, 3D visualization, new geophysical and geochemical modeling techniques and elements of risk management, which aim to support the long term development of the projects. Thereby, Vast Resources easily made the transition from a simple exploration company to a mining company with a portfolio of high quality assets (rbj/2.05.2017)

Vast Resources becomes the sole owner of the mine in Mănăila

>>>The British company Vast Resources bought the remaining 49,9% of shares from the mine in Mănăila, Suceava County – Romania

By rbj

Vast Resources becomes the sole owner of Sinarom Mining Group SRL as the company after purchaing the shares and will pay the historical debts registered by Sinarom Mining Group before Vast Resources became a shareholder. Therefore, when the transaction will be completed, the further sum invested by Vast Resources to acquire all the shares will have reached $2,5 million, taking the total investment in Sinarom over USD 7.5 Million.

Purchasing the entire share package of the mine in Mănăila will allow the British company to further invest in developing the area and the project in Suceava.

„The mine in Mănăila evolved a lot in the past two years, since Vast Resources became a shareholder. 2016 was a reference year for this project: we have found efficient ways to increase the ore quality and extract two different types of concentrate: Zinc and Copper. Furthermore, in December we have obtained two new prospecting licences in the vicinity of the mine, at Piciorul Zimbrului and Măgura Neagră. In this context, owning 100% of the mine in Mănăilă will allow us to develop new projects in the area and create an extensive metallurgical complex, "said Andrew Prelea, President and CEO of Vast Resources Romania.”

Vast Resourses also showed interest in making a joint venture partnerships, as it will help increase both mine production of Mănăilă and other projects that the company develops in Romania. Thus, the company confirms once again the importance of the Romanian business and its willingness to invest in our country. (rbj/24.03.2017)

Vast Resources concentrates its investments in the Romanian business

* The British company has attracted $8 million of funds, most of which will be directed to the mines Vast Resources owns and administrates in Romania

By rbj

Vast Resources, the mining company listed at the London Stock Exchange, started 2017 with the clear objective to develop the mining projects it operates in Suceava and Bihor Romania.

In this context, Vast Resources has obtained 4 million dollars from selling 49.9% of the part of the assets it holds at the mines from Zimbabwe and has signed for a $4 million loan, the majority of this money is planned to be invested in our country.

The decision of financing and developing the projects from Romania was taken due to the great results that the company has registered in the last the last two years in our country. Vast Resources will continue to have the operational control over the mines in Zimbabwe, but it plans for this year to focus its efforts and investments on the projects with high potential: the Romanian polymetallic mines.

"We have always thought that Romania is a country with huge potential in many industries, including mining. At present investing in the mine from Suceava is a priority for Vast Resources, as we want to expand and modernize it and to turn it into one of the biggest copper mines in Europe," said Andrew Prelea, the President and CEO of Vast Resources Romania.

Therefore, Vast Resources plans to increase the investments in Romania, in order to ensure an accelerated development of the assets from in our country. Alongside the expansion of the mine from Mănăila, the company plans to continue the greening process of the tailing ponds from the Fâneața area and to start the work at the mine from Băița Plai. Moreover, both mines will go through an upgrading process of modernization, to ensure the safety of our employees, but also also the high quality of the processed ore. These represent two of the main points of interest of the company.

Vast Resources was founded in late 2005, having the exploration of mineral deposits in Zimbabwe and Southern Africa as main activity. In addition to the activity in Africa, in May 2013 Vast Resources has tThe company uses the latest technology for exploration, such as software for managing spatial data, 3D visualization, new geophysical and geochemical modeling techniques and elements of risk management, which aim to support the long term development of the projects. Thereby, Vast Resources easily made the transition from a simple exploration company to a mining company with a portfolio of high quality assetsurned its attention to Romania, in order to develop business strategy.(rbj/2017.01.02)

Vast Resources invested over 5 millon dollars in its Romanian business in 2016

By rbj

Vast Resources invested further 5.5 million dollars in 2016 for the two polymetallic mines that it operates in Romania. The British company has invested in bringing significant improvements to the mine in Suceava, in the maintenance of the mine in Baita Plai, in preparing to launch the greening process of the tailings dam in Bihor County and in continuing the training of the personnel.

“During 2016 we went through several significant stages as far as the evolution of Vast Resources Romania is concerned. At the end of last year we have managed to have a USD 3.3million turnover, which is a success, considering that it is the first year of production in Suceava” said Andrew Prelea, President and Executive Director of Vast Resources Romania.

2016 was a year of historical importance for Vast Resources in Romania, as it was the first full year in which the production at Mănăila has started, since it is managed by this company. The mine and the production plant have been modernized, there have been implemented eco-friendly techniques for improving the quality of extracted materials as well as extending the life of the mine. These activities have increased the number of employees, which is another positive result of the investments made.

In parallel, Vast Resources continued the maintenance of the mine in Baita Plai, in order to prepare it for the moment the production from the polymetallic mine in Bihor will start. The company also started a unique drilling project to confirm the presence of mineral resources in the tailing ponds of the mine in Baita Plai. This was a first step in the process of greening the area, which involves reprocessing the materials accumulated over 40 years of mining.

In 2017, Vast Resources will continue investing in the development of the two mines, in the ongoing projects and in initiating new projects in our country. Vast Resources was founded in late 2005, having the exploration of mineral deposits in Zimbabwe and Southern Africa as main activity. In addition to the activity in Africa, in May 2013 Vast Resources has turned its attention to Romania, in order to develop business strategy.

The company uses the latest technology for exploration, such as software for managing spatial data, 3D visualization, new geophysical and geochemical modeling techniques and elements of risk management, which aim to support the long term development of the projects. Thereby, Vast Resources easily made the transition from a simple exploration company to a mining company with a portfolio of high quality assets.(rbj/2017.01.23)

Contact
The Romanian Business Journal
Constantin Radut
Editor in Chief
031726 Bucharest, Romania

+40 725 511 887 office.rbjournal@gmail.com www.rbj.ucoz.ro
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