Successful 2008 for Store Norske group
Estimates show that the Norwegian coal mining company Store Norske Group at Svalbard can expect a 100 million EUR surplus for 2008.
2008 has been a good year for coal mining with a high price level on the global market, especially in the first half of the year. In 2007 the average price per ton coal was 82 USD, while the average price has been 160 USD in 2008.
Store Norske’s economic report for 2008 is not finished yet, but according to managing director Bjørn Arnestad the Store Norske has had a turnover of 350 million EUR and is expecting a company surplus of 100 million EUR.
However, 2009 could be much a harder year for the coal company. At present the price level of coal is 75 USD per ton.
