Group’s inability to execute development projects or delays in their execution

Since the coal resources held by the Group are depleted as they are used, the Group’s ability to achieve the planned level of production in the long-term partially depends on its ability to acquire and operate new coal resources fit for extraction from an economic point of view, and its ability to develop new and expand existing extraction activity. The Group’s ability to acquire additional resources in the future may be curtailed by a host of factors over which the Group has no control. The Group’s inability to complete investment projects according to plan may exert a material and adverse impact on the Group’s development, operations, results and financial standing.