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New UserSpain passes 2014 coal payments in preparation for shutdowns
17 Apr 2014
Spain's Industry Ministry published Tuesday its 2014 subsidy scheme for domestic coal miners for a total of Eur106.8 million ($147.8 million), which follows the recent award of 2013 subsidies for Eur74.5 million.
The 2014 payments, published in the official state gazette, Boletin Oficial del Estado, are also accompanied by legislation concerning the permanent closure of unprofitable mines by 2018.
Of the 2014 total, Eur68.8 million will be used as payments to mines that are due for closure.
Besides those amounts, there will be a further Eur300 million set aside for early retirements, Eur53.7 million for restructuring projects and Eur18 million for unspecified labor costs.
Payments for the uncompetitive mines should be made by the third quarter of the year, according to the official state gazette, while the subsidies should be paid in the fourth quarter.
Source: Platts