Cool profits for Store Norske

THE world’s most northern based underground coal mining company, Store Norske Spitsbergen Grubekompani (SNSG), expects to post a US$29.2 million profit in 2004.
Cool profits for Store Norske Cool profits for Store Norske Cool profits for Store Norske Cool profits for Store Norske Cool profits for Store Norske

 

Staff Reporter

The result almost triples the Norwegian coal mining company’s pre-tax profit, compared to US$11.3 million in 2003.

The expected record-high financial results are attributed to a substantial increase in the demand for coal on international markets, and especially in USA, China and Japan. SNSG chairman Steinar Hogaas said the company will utilise the profit to reduce its debt, for exploration activities and purchasing modern production equipment.

SNSG is a wholly owned subsidiary of 99.9% state-owned company Store Norske Spitsbergen Kulkompani A/S (SNSK), part of the Store Norske Group of companies.

The Store Norske group is Norway's sole producer and operates on the Svalbard Islands. The company employs a total 233, out of whom 148 work underground. Coal mining activities are conducted in two mines, which produced a total of 2,9Mt of coal in 2003, compared to 2,1Mt in 2002.

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