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Russian coal companies’ savings total $476 mln — Finance Ministry

More than 130 coal industry companies that experienced deteriorating financial and economic indicators have received system-wide support in the form of deferrals of mineral extraction tax and insurance premium payments

MOSCOW, December 30. /TASS/. Russian coal companies managed to save 37.7 bln rubles ($476 mln) thanks to support measures provided by the government, according to a report on the Finance Ministry’s website.

More than 130 coal industry companies that experienced deteriorating financial and economic indicators have received system-wide support in the form of deferrals of mineral extraction tax (MET) and insurance premium payments.

"To date, the total volume of funds the companies managed to save has amounted to 37.7 billion rubles, including 8.6 billion rubles ($108 mln) thanks for deferred mineral extraction tax (MET) and approximately 29.1 billion rubles ($366 mln) for deferred insurance premiums," the statement reads.

The coal industry companies are recommended to prepare updated materials and refined financial models for enterprise development to conduct a detailed financial assessment and make decisions regarding state support.

The ministry summed up the results of the subcommittee's work on providing financial state support measures to individual organizations in economic sectors this year.

"During its work, the subcommittee reviewed the problematic situations of 13 groups of companies, including 45 open-pit coal mines and coal pits, 19 processing plants, 13 transport and logistics organizations, and 36 production facilities in other sectors, including metallurgy and logging," the Finance Ministry reported.

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