In May 2005, EFT Group signed a joint-venture agreement with the authorities in Bosnia and Herzegovina to take over a 72% controlling stake at the Stanari lignite mine. EFT Group obliged itself to invest 14 million euros in the mine for which it was granted a 30 year exploitation rights. In the year since EFT's arrival, the fortunes of the mine have been wholly transformed, from a state-run company on the brink of collapse to one of the best examples of a successful foreign investment in Bosnia and Herzegovina to date.

EFT has so far invested around 10 million Euros in Stanari lignite mine. New bulldozers, dumpers, trucks, vans and firefighting equipment have been purchased. The funds have also been used for complete refurbishment and revitalization of the BTO excavation system in the mine.

EFT has also settled all the wage arrears, has commenced a generous health and social contribution program as well as a comprehensive educational program for all the employees. Modern production processes have been introduced according to international standards and special attention is being paid to protection of the environment.

In the first year since EFT took over the controlling stake at the Stanari mine, the production output has tripled and at present (May 2006) stands at 600 000 tones per year. The excavation coefficient has risen to 7.8 cubic meters per tone. The average salary at the mine has more than doubled and around 100 new jobs have been created. The morale at the mine ais at an all time high.

Most importantly, the renewed economic activity in Stanari has had a very positive effect on the surrounding area. At present, the Stanari mine has commercial relationships with over 300 different suppliers, logistics providers and other domestic local service providers, all of whom provide employment for hundreds of local people.

To learn more about the history of the Stanari mine, EFT's investment, results and ecology please visit www.eft-stanari.net