Coal Energy SA is a Luxembourg-based company engaged in the mining industry in Ukraine and Cyprus. Its principal business is underground coal mining, processing of coal waste dumps, and beneficiation and sale of thermal and coking coal. Its coal reserves are located in the Ukrainian coal basin, Donbas. It co-operates directly with the majority of Ukrainian power generation plants, coking plants and steel mills. It also expands its export operations, mainly through thermal coal sales to power generation plants in Moldova, Bulgaria, Slovakia and other countries. As of June 30, 2012, the Company operated 14 subsidiaries based in Cyprus, British Virgin Islands and Ukraine. On November 15, 2011, it incorporated Coal Energy Ukraine Ltd.