Prague-listed New World Resources sells mining equipment/services unit to Bucyrus

Prague-listed energy holding New World Resources N.V. announced Tuesday that its subsidiary Czech coal miner OKD announces has concluded the sale of its mining equipment and engineering services company OKD Bastro to the German subsidiary of Bucyrus International, Inc., a mining equipment manufacturer.

"The sale of Bastro to a strong partner [Bucyrus DBT Europe GmbH] is in line with OKD's long-term strategy to divest all assets that are not directly related to our key business activities of mining and selling coal," said OKD chief executive Klaus-Dieter Beck, and member of NWR's board of directors.

NWR (77 CZK, -0,33%), also listed in London and Warsaw, said Bastro will continue to supply mining equipment and engineering services to OKD. The terms of the sale and supply contract were not made public Tuesday.

Bucyrus DBT Europe is the supplier to OKD of new longwall and longwall development mining equipment under the Czech miner's POP2010 productivity optimization program.

NWR is a wholly-owned subsidiary of RPG Industries SE, a Cyprus-based investment company indirectly owned by Czech entrepreneur Zdenek Bakala and European private equity group Crossroads Capital Investments. Both companies focus on Central and Eastern Europe.

Interfax