Losses spike at New World

CZECH miner New World Resources swung into the red in the final three months of last year, in its biggest quarterly loss since listing in 2008.

Coal producer New World Resources fell to a loss of €48.6m (£42.1m) over the three months, compared to a profit of €8.8m over the fourth quarter of 2011.

“The ongoing macroeconomic uncertainties in Europe as well as the slowdown in Asia have affected business sentiment, and this has had a knock-on impact on steel markets, and... coking coal,” chairman Gareth Penny said.