Tag Archives: Wenche Ravlo

A minefield of uncertainty: Store Norske Administrative Director Wenche Ravlo resigns just before government announces future intentions for coal company

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In nine days Store Norske will learn if Norway’s government wants to resume or end large-scale coal mining in Svalbard. But now local workers must cope with another huge uncertainty – who will be in charge of which transition the company takes in the future.

Administrative Director Wenche Ravlo announced publicly Tuesday she is resigning as of March 1 next year. The resignation officially presented to the company late last week comes just before the government releases its proposed budget for next year, which is expected to include a recommendation on whether to resume operations at the Svea and Lunckefjell.

Working out: Store Norske avoids possible strike, may possibly strike it rich by reopening mines

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Store Norske just finished shutting nearly everything down four months ago and most of the relatively few remaining workers were talking about going on strike. But the labor dispute was resolved quickly last week and a sustained rebound in coal prices is allowing the company putting together a proposal to resume operations at one or both of its two main mines next year.

Scrappy birthday: Government proposes giving Store Norske 244M more in funding, loans to cope with debt

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It might not be the gift Store Norske wants, but it’s apparently the gift the company needs on its 100th birthday as the Norwegian government is proposing giving the company an additional 244 million kroner in funding and loans to allow the company to refinance existing debt.

Pity party? Perhaps not, as Store Norske may have reason for hope during celebrations of its 100th birthday

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Last month the company finished shutting down almost everything and laying off almost everyone. This month – and next – the company is the cause of much celebrating.

The coal company’s 100th birthday is Nov. 30 and it’s safe to say the mood isn’t quite what many in Longyearbyen would have liked or expected before a coal price crash sent the company into an economic tailspin and near bankruptcy. But young and old alike are offering a variety of tributes to the company that until the crash was the town’s economic cornerstone.

Costly overtime: Store Norske Store Norske in talks with bank to avoid more layoffs as government misses crisis response deadline

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That the government’s failure to respond by a “drop-dead deadline” isn’t yet fatal is what passes for good news these days at Store Norske.

The coal company remains in discussions with DNB about a loan and line of credit the bank is providing that is keeping the company alive – if far from healthy – as it awaits word on whether it’s future will be catastrophic or merely tragic.

Dark times set in: Store Norske’s losses continue, coal company’s equity drops 94 percent during past 12 months

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After a while the bad numbers lose some of their shock value, but this one is still rather staggering.

A year ago, Store Norske had nearly 1.3 billion kroner in equity. As of the end of last month, it has 73 million kroner.

Undeserving? Skeptics question Store Norske’s hiring leaders without mining experience, request for more funds

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Why should Store Norske get any more taxpayer money? Coal mining is a dirty business and its leaders are doing a lousy job managing it.

Store Norske reports 234M kroner loss for first half of 2015; revises loss for 2014 to 902.2M instead of 537M

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Store Norske’s catastrophic financial situation plummeted further into the abyss with the release of a second-quarter report showing the company lost 234 million kroner during the first half of 2015 and its record-breaking loss for 2014 was 902.2 million kroner, rather than the 537 million kroner stated at the end of the year.

Store Norske losses continue at record rate: 183.3M during first quarter of 2016

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They expected bad news and there will be more of it before – and if – it gets better.

Store Norske, hovering on the edge of bankruptcy, is reporting a 183.3-million kroner loss before taxes during the first quarter of 2015 due primarily to low coal production and prices. The company suffered a 45.5-million-kroner loss during the first quarter last year before the price crisis resulted in a record loss of 537 million kroner at the end of the year.