EFT News

Monday, May 16, 2011
EFT marks the sixth anniversary at the Stanari mine

EFT marked the sixth anniversary since taking over the Stanari mine at a traditional celebration held today. 

Last year the mine achieved record coal production, which confirms its position as the leading enterprise in the Doboj region and one of the leading enterprises in the whole of Bosnia and Herzegovina. The results were presented to Stanari employees and numerous guests, EFT Group management and representatives of the local and Republika Srpska governments. 

“Last year we excavated 800 000 tonnes of coal, a 11.3% increase on last year. 5.3 million cubic meters of overburden has been removed, which is also a record for a single year” said the EFT - Stanari mine director Ivica Jakovljevic. 

Stevan Loncar, EFT Stanari head of investment said that the documentation and permits for the building of the Stanari thermal power plant will be completed in the coming weeks and that the plant will be built by China’s Dongfang Electric Corporation. He is expecting the financial close to be achieved in the summer months, after which the building of the plant will commence. 

The Chairman of the EFT Group, Vuk Hamovic said the completion of all building permits for the Stanari power plant is now expected as matter of weeks, not months. ”The plant will have a 300 MW installed capacity and the value of the project is 500 million Euro. We expect it to become operational by the end of 2014, which is when we also expect to complete the Ulog HPP project. Both units should be part of our production portfolio by then” said Hamovic. 

According to established tradition, EFT again generously rewarded the best pupils and teachers from the local school in Stanari. Rewards were also given to the miners who achieved the best results, with the main award of 5000 KM going to Dragan Canic.