The European Union’s head office approved the German plan this week, reasoning the aid was “compatible with the proper functioning of the common market”, Associated Press reported.
The $3.65 billion dollar package will be split between RAG, Dr. A Schaefer Bergbau GmbH which will received $1.2 million and Bergwerksgesellschaft Merchweiler GmbH which will get $6.1 million.
The package is in aid of reducing production and will cover the difference between production costs and selling prices, the costs of running the mines and money to cover exceptional costs arising from industry restructuring, said Associated Press.
