The contract on acquisition of MIBRAG from American companies URS Corporation and NRG Energy Inc. has been signed by the company Severoceske doly Chomutov and the J&T Group in February of this year, upon their success in the tender. In May the transaction has been approved by the European Commission.
MIBRAG is owned by the joint venture with equal share of Severoceske doly Chomutov and the J&T Group.
Daniel Benes, chairman of the Supervisory Board of Severoceske doly Chomutov and the 1st vice-president of the Board of Directors of CEZ, said: "Definitely, acquisition of MIBRAG significantly strengthens the CEZ Group and its activities on the German market, where to date we were in the position of a power trader. In addition, prices of lignite, as the most important power source in Germany, is stable on long term basis and is not subject to such deviations as natural gas or black coal prices."
„Also, MIBRAG has concluded long-term contracts for coal supplies to trustable parties (Schkopau and Lippendorf power plants; in 2008 in total 16 mil. tons have been supplied to these power plants), which significantly reinforces stability of coal sales and financial revenues," added Jan Demjanovic, president of the Board of Directors and general director of Severoceske doly Chomutov.
„Acquisition of MIBRAG is part of our long term strategic plan to reinforce our presence in power industry and in addition it results in extension of our activities by coal mining," commented the transaction Daniel Kretinsky, partner of the J&T Group. “We highly value MIBRAG as a reputable, stable and efficiently operating company. We feel committed to continue in this best tradition and support its future development.”
MIBRAG mines coal in Central Germany in a coal area close to Leibzig. It owns and operates two open coal mines Profen and United Schleenhain with the total annual coal production 19 mil. tons. Documented reserves reach app. 530 mil. tons, however there is a significant possibility of their extension. MIBRAG also operates three cogeneration power plants Deuben, Mumsdorf and Wählitz with total installed capacity 208 MW. In 2008 these plants generated in total 1.4 TWh of electric power and supplied over 979 TJ of heat. Recultivation forms an important part of company´s activities. Since 1995 MIBRAG has recultivated 800 ha of landscape, including app. 200 ha of forest and over 500 ha of agricultural land. In addition MIBRAG operates a coal dust processing plant. For more information about MIBRAG please visit www.mibrag.de.
Contacts for press:
CEZ Group J&T Group
Eva Novakova Martin Manak
Press Officer, CEZ Communication Director of the J&T Group for power industry
Tel.: +420 211042291 Tel.: +420 221710163
E-mail: eva.novakova@cez.cz E-mail.: manak@jtfg.com
CEZ Group
Vladimír Budinsky
Communication Director
Severoceske doly Chomutov
Tel.: +420 724082663
E-mail: budinsky@sdas.cz