OPG Power Ventures plc Fixed price coal purchase agreement for 1m tonnes (5919Z)
May 21 2019 - 1:00AM
UK Regulatory
TIDMOPG
RNS Number : 5919Z
OPG Power Ventures plc
21 May 2019
21 May 2019
OPG Power Ventures plc
("OPG", the "Group" or the "Company")
Fixed price coal purchase agreement for 1 million tonnes
OPG (AIM: OPG), the developer and operator of power generation
plants in India, is pleased to announce that, further to the
Company's trading statement of 29 April 2019, it has secured a
further hedge against the volatility of coal price movements and
has entered into a fixed price coal purchase agreement for 1
million tonnes (representing approximately 60 per cent of Group's
annual coal requirements). The delivery of coal under the purchase
agreement will take place from June 2019 to March 2020. The precise
terms of the agreement are confidential but the Company can confirm
that the fixed price achieved is in line with management's
expectation.
Whilst other costs, such as freight, remain outside the
Company's control, with the price of approximately 60 per cent of
the Company's coal requirement now fixed until March 2020, OPG
expects to benefit from the greater visibility that it has on its
FY20 financial performance, which remains in line with market
forecasts.
For further information, please visit www.opgpower.com or
contact:
+91 (0) 44 429
OPG Power Ventures PLC 11211
Arvind Gupta / Dmitri Tsvetkov
Cenkos Securities (Nominated Adviser +44 (0) 20 7397
& Broker) 8900
Russell Cook / Stephen Keys
+44 (0) 20 7920
Tavistock (Financial PR) 3150
Simon Hudson / Barney Hayward
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END
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