Sales to a relatively small number of major customers from the European Union and a considerable downturn in market conditions in the European economy, decline of coal consumption among the Group’s customers in this region or the inability to obtain paym

The considerable downturn in market conditions in the European economy, especially in the steel and coke industries may have a material and adverse impact on the Group’s operations, its results and financial position. Furthermore, if one or more of the Group’s major buyers cuts back on the volume of coal or coke purchased or fails to extend supply contracts, this could have a material and adverse impact on the Group’s operations, its results and financial position. Moreover, timely payments hinge upon many factors beyond the Group’s control.