The global coal industry has been having a rough ride amid weakening demand and softer prices.
NWR said in July that it was evaluating future scenarios for Paskov, which included either a permanent closure or temporary shutdown, after conceding that it was unlikely to sell the mine.
The company said after considering its options it had concluded that Paskov “is likely to remain uncompetitive in the medium term and therefore has decided to close the mine”
Paskov produced 950,000 tonnes of hard coking coal last year and is the only active mine in the Ostrava region of the Czech Republic.
It is one of four operating coal mines – all of which hold coking coal reserves – within New World's OKD AS subsidiary. The subsidiary started soliciting bids for Paskov on July 3.
NWR said the phasing and terms of the closure would be determined after discussions with the Czech government and other stakeholders.