Bloomberg News

Raspadskaya Rallies for 3rd Day on Restarting Work at Coal Face

October 10, 2011

Oct. 10 (Bloomberg) -- OAO Raspadskaya gained for a third day after the coal producer said on Oct. 7 it had started work at a coal face with reserves of 1.4 million metric tons at its flagship mine.

The shares leapt as much as 7.3 percent and last traded 2.4 percent higher at 83.95 rubles by 12:07 a.m. in Moscow.

Raspadskaya said two weeks ago that first-half profit fell 57 percent from a year earlier as output hadn’t recovered since a series of explosions and fires at the Siberian mine that killed 90 people.

“The news that the face has finally been commissioned is positive,” Alfa Bank analysts led by Barry Ehrlich wrote in an e-mailed report today.

--Editors: Peter Branton, Alex Nicholson

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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