Bloomberg Russian Coal Mine Outage Unlikely to Hit Global Market, UBS Says

May 12 (Bloomberg) -- Damage to OAO Raspadskaya’s biggest mine, which supplies coal to steelmakers, is unlikely to “significantly” affect the global market because of Russia’s share of seaborne trade, UBS AG said in a report.

The mine has a capacity in excess of 8 million metric tons a year, representing more than half of the company’s capacity and about 10 percent of Russian output, the bank said.

“Russia’s share of the global seaborne market amounts to only 6 percent, hence we believe the accident is unlikely to significantly affect global balances,” UBS said. “The impact could be relatively more significant for Ukraine which gets more than 50 percent of its imports from Russia.”

The death toll from explosions at the mine in Siberia over the weekend reached 60, the Emergency Ministry said on its website today.