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Kolmar Coal Aims for Production Boost in 2024 Despite 2023 Output Dip

Russian metallurgical coal miner Kolmar has set ambitious plans to increase production by 17.4% in 2024, aiming to extract 13.5 million tonnes after a slight decline in 2023.

2023 Performance:

  • Total production fell 7% to 11.5 million tonnes compared to 12.4 million tonnes in 2022.
  • Denisovsky mine output decreased from 5.1 million tonnes to 4.2 million tonnes.
  • Inaglinsky mine saw a slight increase from 7.3 million tonnes to 7.4 million tonnes.
  • 6.1 million tonnes of coal were exported, with washed coal exports rising around 2% to 4.2 million tonnes.

2024 Outlook:

  • Production target set at 13.5 million tonnes, representing a 17.4% jump from 2023.
  • Denisovsky mine projected to witness a 29% increase, reaching 5.4 million tonnes.
  • Inaglinsky mine expected to produce 8.1 million tonnes, a 9% increase.

Additional Notes:

  • Kolmar invested heavily in Yakutia projects between 2018 and 2023, injecting approximately 108.3 billion rubles.
  • The company operates a complete coal production and export chain, encompassing mining, processing, and logistics.

Despite experiencing a decrease in output in 2023, Kolmar appears confident in its ability to ramp up production significantly in 2024. This ambition reflects ongoing demand for metallurgical coal, particularly for steel production, despite global economic uncertainties. Whether they can achieve their ambitious targets remains to be seen, but Kolmar’s expansion plans signal their optimism for the future of the coal industry in the region.