Kopex lands coal-mining equipment deal worth $24 million in Romania

WSE-listed coal mining-equipment producer Kopex has won a contract worth $24 million for supplying mining machines and modernizing coal-processing plants in Romania. This is one of two contracts together totalling $120 million, which were signed in April 2000 by a consortium of Kopex and the Japanese conglomerate Itochu Corporation with Romania's Compania Nationala a Huilei. Under the agreements, the Polish company will restructure Romania's outdated coal mining sector, while the Japanese will be in charge of revamping its energy sector. "At the end of 2000, the Romanian government gave guarantees for fulfilling the contracts ... It seems we will start scheduled work in March," said Kopex president Krzysztof Pytel. Kopex is 80% owned by the state and 20% by minority shareholders. According to preliminary data, the company generated zl.5 million in net profit on revenues of zl.300 million. (Puls Biznesu, p.13)