Parliament Authorized Privatization Of Mines

On April 12, 2012 the Parliament of Ukraine adopted the Draft Law No. 9412 "On Specifics of the Privatization of Coal Mines" as of 3 November 2011 initiated by the Cabinet of Ministers of Ukraine. If signed by the President, the Law will come into force on the day following its publication.

Under the Law, subject to privatization may be:

• coal mining enterprises as integrated property complexes;
• mines as integrated property complexes;
• open-cast mines as integrated property complexes;
• shares owned by the state in the authorized capitals of joint stock companies formed in the process of privatization or corporatization of state mining enterprises.

The Law does not specify the range of potential buyers (investors). Therefore, according to the general provisions of the Law of Ukraine "On State Property Privatization", they can be both Ukrainian and foreign legal entities or individuals.