Czech state, NWR moving ahead in talks on mine reorganisation -minister

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PRAGUE, Jan 14 (Reuters) - The Czech state and New World Resources (NWR) will press ahead with talks on reorganising the struggling coal miner's OKD unit and about the possible sale of a mine, Industry Minister Jan Mladek said on Thursday.

A drop in global coal prices has hit miners, and NWR, which operates coking and thermal coal mines, has said it may run out of cash later this year unless it secures new financing.

The government has promised to help miners but has so far rejected aid that would benefit only shareholders.

Mladek told reporters after talks with company management and creditors the sides would discuss two things.

"The first is the reorganisation of OKD to see whether we are able to reach an agreement. And then about selling the Frenstat mine for 1 crown ($0.0405)."

NWR went through a major debt and equity restructuring in 2014 but sagging prices that are just half of what they were in 2011 have continued to hit the loss-making miner, which employs around 13,000 in the country's industrial northeast.

It (Other OTC: ITGL - news) has said it was in talks with stakeholders about securing a cash-generating mining portfolio and capital structure to deal with an "extended period" of low coal prices.

The company predicts the closure of its Paskov and Lazy mines could mean the loss of thousands of jobs and the costs of closures and layoffs would be between 85 and 100 million euros ($91-107 million).

It has asked the government for an unspecified amount of assistance. A union chief has said NWR had asked for nearly 150 million euros in government aid.

When asked on potential aid, Mladek said it has not been agreed. "That will be a task for the working group," he said.

Company management and bondholders declined to comment after the meeting at the finance ministry.

Finance Minister Andrej Babis said it was up to NWR to deal with the situation. "We said clearly to bondholders and shareholders that they first have to take steps to restructure the company and to improve results," Babis told reporters. ($1 = 24.7180 Czech crowns) (Reporting by Robert Muller; Writing by Jason Hovet; Editing by Michael Kahn)