September 28 (SeeNews) - Bosnian coal mining company RMU Banovici [SAJ:RMUBR] plans to increase its output by some 500,000 - to 600,000 tonnes per year once an ongoing project reached successful completion, it said.
The project envisages the purchase of a coal stacker and a conveyor belt for the company's Turija open pit mine, it said in a press release on Friday.
"For that purpose we are negotiating with a number of banks, I hope we will complete the talks successfully and bring the investment to an end," RMU Banovici acting head for economic affairs, Ibrahim Demirovic, said.
Currently, annual production amounts to 1.5 million tonnes of coal, according to most recent data published on the company's website.
The mining company welcomed a new management at the beginning of the year, which inherited a 50 million marka ($29.7 million/25.6 million euro) debt.
The company booked a net profit of 1.2 million marka in the first half of 2020, compared to a 4 million marka loss a year earlier.
According to earlier media reports, RMU Banovici plans to invest 34 million marka in equipment for excavation and processing of coal in 2020. The company has also carried over 22.4 million marka of investments planned for 2019 into this year.
The government of Bosnia's Federation owns 69.5% of RMU Banovici, according to Sarajevo Stock Exchange data.
The Federation is one of two autonomous entities that form Bosnia and Herzegovina. The other one is the Serb Republic.
(1 euro = 1.95583 marka)