The MoU, which establishes a framework for co-operation, sets out the role of each party as well as explains joint work process towards a mutually beneficial solution by 31 March 2014 at the latest.
Both the companies will explore option of OKD extending the operation of the mine until 31 December 2016 for its own risk.
After December 2016, the ownership of the mine will be transferred to the Czech State for a symbolic CZK 1,- for closure.
The transaction is subject to approval of the European Commission and support of the mine’s key stakeholders.
Located approximately 20km south of Ostrava and produces high-quality coking coal, Paskov mine currently operates two sites, Staríc and Chlebovice and is the only active mine in the Ostrava coal district.
