Ukrainian oligarch Rinat Akhmetov's company shuts coal mine that supplied nearly half of his group's production in Ukraine

Ukrainian oligarch Rinat Akhmetov's Metinvest Group, the largest steel producer in Ukraine, has suspended operations at its coal mining site in the settlement of Pishchane near the city of Pokrovsk in Donetsk Oblast. Source: a document released by the European stock exchange Euronext Details: The document states that the suspension was due to the advancing front line and increased attacks.

The site accounted for about half of Metinvest's total coal production in Ukraine.

Meanwhile, other key facilities of the Group remain operational. A vertical shaft (No.

3) of the Pokrovske mine administration and an administrative facility are located at the site. The Group has evacuated its key personnel and their families.

"Metinvest, together with the Pokrovsk City Military Administration and representatives of the Ukrainian Armed Forces, is closely monitoring the security situation around the city and industrial locations. Decisions regarding the continued operation of all industrial sites will be made based on the evolving conditions at the front," the document said.

It is noted that the full impact of the suspension of work at this facility is still being assessed. No information is available regarding the closure of other mines near Pokrovsk.

Background: Metinvest Group and the Italian Ministry of Enterprises and Made signed a declaration of cooperation.

The agreement provides for the construction of a EUR2.5 billion green steel plant in the Tuscany region.

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