Vietnamese firm Vinacoal Hanoi cancelled an agreement under which the Polish company was to modernize three coal mines last week. Kopex shares slumped 8.5% following the news.

McCloskey Daily Coal News reported The Polish Ministry of Finance had promised to grant the Vietnamese government a loan that would cover up to 85% of the investment. Despite this the Vietnamese partners withdrew.

In related news Kopex signed an annex to its contract with Elektroprivreda Serbia, which lifts Kopex’s earnings to US$19.08 million instead of the previously agreed US$18.2 million for work it will carry out at the Kolubara coal-mine in Serbia and Montenegro.