New World Resources employee dies at CSM Mine

A 23-year-old worker has died at New World Resources' CSM Mine in the Czech Republic, the Central European hard coal and coke producer announced on Friday morning.

The employee, who worked for New World's Czech subsidiary OKD, was fatally injured at the preparatory plant on Thursday.

"NWR expresses its deepest condolences to the family, relatives and friends of the deceased employee," the company said.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

New World said that an investigative committee is now looking into the incident. This committee is made of members of the District Mining Authority in Ostrava, CSM Mine management, OKD management, the OKD Trade Unions representatives and the police.

The company said that the incident had no impact on production.

New World shares are down 38% in the year to date, after seeing a big drop in revenues and profits over the first nine months of the year as it was hit by floundering demand in steel markets.

Revenues dropped 18% to €1.01bn with pre-tax profits coming in at €67.5m, down 59% on the previous year's figure.