Pljevlja Coal Mine, a subsidiary of Montenegro’s Electric Power Company (EPCG), reported a net profit of €3.33 million for the first nine months of 2024, marking a 52.26% decrease compared to the same period in 2023, when the profit stood at €6.99 million. The company’s financial report for the first three quarters of 2024 indicated a profit decline of €3.65 million, with revenues dropping by €4.87 million and expenses decreasing by €1.21 million compared to the previous year.
Reduced coal production and deliveries
Sales of coal for general consumption remained roughly the same as in the previous year. However, delays in the annual maintenance of the Pljevlja Thermal Power Plant (TE Pljevlja) affected coal deliveries. As a result, coal deliveries to the power plant totaled 946,354.18 tons, 8.1% below the planned 1,030,000 tons, and 18.2% or 210,492.89 tons less than in the same period last year. Despite the reduced quantity, the delivered coal had higher average quality (10,114 kJ/kg), which was 8.7% better than the contracted quality of 9,300 kJ/kg, and 4.9% higher than the average quality from the previous year (9,646 kJ/kg).
Production and challenges
In the first nine months of 2024, the mine produced a total of 1,083,473.72 tons of coal, which was 14.6% below the planned 1,268,000 tons and 16.7% less than the same period in 2023, when production was 1,300,235.19 tons.
The financial report cited several challenges that the coal mine has faced during the third quarter of 2024, describing them as some of the most significant in the mine’s history. These challenges include delays in the thermal power plant’s annual maintenance, liquidity issues due to the ecological reconstruction of TE Pljevlja scheduled for 2025, legal obligations to the municipality of Pljevlja, and the need to secure funds for the relocation of the Ćehotina Riverbed. The company emphasized the efforts required to prevent these challenges from jeopardizing the mine’s operations.
To address these issues, the Montenegrin government declared the relocation of the Ćehotina Riverbed a matter of public interest. The report also noted that despite delays caused by equipment failures and the ongoing relocation work, the company has managed to maintain satisfactory monthly production results through effective business practices and the dedication of its workforce.
Leadership changes
Nemanja Laković has been serving as the Executive Director of the Pljevlja Coal Mine since April 2024, following the departure of Mihailo Potpara, who held the position for five months before stepping down.
