November 20, 2007
South Milwaukee, WI, USA, Bucyrus International, Inc. (Nasdaq: BUCY) today confirmed that New World Resources N.V. (NWR), a leading producer of hard coal in the Czech Republic and Central Europe, has issued a Letter of Intent (LOI) to purchase ten new longwall systems from the underground mining equipment manufacturing segment of Bucyrus. These systems will be put to work at NWR's wholly-owned subsidiary OKD a.s., the Czech Republic's largest hard coal mining company. NWR is a Dutch based company. This LOI represents a preliminary notice of intent to purchase with the actual purchase and roll-out of the equipment to take place over the next 24 months, according to a news release issued today by NWR.
NWR announced that they have initiated a ,300 million capital investment program at OKD, which signifies their commitment to, investing in (our) mining operations to ensure that they are safe, efficient and productive, said by Mike Salamon, Chairman of NWR. In making today's announcement Tim Sullivan, President & CEO of Bucyrus International, Inc. noted this significant LOI by highlighting, Bucyrus' underground equipment can and will support our customers goal for improved efficiency and increased production and safety. Bucyrus, as a world leader in the design and manufacture of longwall systems, has the experience and know-how to support the customer for long-term success.
About Bucyrus International, Inc.
Bucyrus International, Inc. is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries. BUCYRUS surface equipment is used for mining coal, copper, iron ore, oil sands and other minerals and BUCYRUS underground equipment is used primarily for mining coal. In addition to machine manufacturing, Bucyrus manufactures high quality OE parts and provide world-class support services for their machines. The headquarters of Bucyrus International, Inc. is located in South Milwaukee, Wisconsin, USA.