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Czech industry minister says miner NWR called for significant state aid, must analyse

Reuters - UK Focus

PRAGUE, Dec (Shanghai: 600875.SS - news) 9 (Reuters) - Loss-making Czech hard coal miner New World Resources (LSE: NWR.L - news) (NWR) has asked the state for a significant financial commitment that requires expert analysis, Industry and Trade Minister Jan Mladek said on Wednesday after cancelling scheduled talks with company management.

"Representatives of NWR submitted, immediately prior to the meeting, a request for such a financial commitment by the state that I consider to be so serious that it will be necessary to analyse it in detail on the expert level," Mladek said in a statement.

The ministry said talks could take place after Jan. 4.

The company has been suffering losses from a drop in coal prices, and has initiated talks on state aid for its Paskov mine as well as other operations, a ministry document seen by Reuters showed. The firm has said it may run out of cash by the third quarter of the next year.

NWR had no immediate comment. (Reporting by Jan Lopatka; Editing by Jason Hovet)