Having failed to secure a buyer for the mine, the company is intending to suspend the operations either temporarily or permanently and the miner is expected to make a concrete decision in next few weeks.

NWR, meanwhile, is seeking the sale of OKK, a coke project in Czech, which is expected to cut down capital expenditure and wages by 10%.

OKK media representative Vladimir Bystrov was quoted by Praguemonitor.com citing CTK as saying that the sale of OKK Koksovny is processing successfully.

"We are in talks with several potential buyers who intend to maintain the operation of the coking plant," added Bystrov.

OKD CEO and board chairman Jan Fabian told the website: "We want to choose a solution that will have the lowest impact on the company, its employees, the entire region and customers."

NWR has recorded a 20% to €1.3bn slump in the revenues in 2012 from €1.63bn in the previous year.

However, the miner has stated that it is keen to increase its coal production by two-fold over the next five years.