Milestones

April 2011:

  • RAG Foundation gives green light for preparations of Evonik’s IPO
  • Given Evonik Industries AG’s excellent shape and the good prospects for elementary end markets in the chemical industry on a global basis, the Board of Executives took – after careful consideration together with their partner CVC and Evonik’s Board of Executives – the decision to efficiently prepare Evonik for their IPO. The Foundation’s Board of Trustees backed this decision. In autumn 2011, a decision will be made on whether Evonik might even go public that same year.

December 2010:

  • EU approved subsidies for coal-mining industry until 2018
  • On 10 December, the Council of the European Union implemented a regulation stipulating that, within the EU, subsidies for coal mines may be paid until 31 December 2018. Hence, an essential part of the German Hard Coal Mining Financing Law of 2007 has been additionally secured under European Law. Since January 2011, according to Federal Law and to the terms of the agreement, the adjustment process can now take place in a socially acceptable manner. Given that the RAG Foundation’s legal basis has been secured, the Foundation – as scheduled – can continue building up assets in order to finance the long-term liabilities as from 2019.

September 2010:

  • "Ost” colliery in Hamm shuts down
  • On 30 September 2010, the “Ost” colliery in Hamm was closed down. RAG thereby reliably complies with the guidelines stated in the Hard Coal Mining Financing Law. The history of the 109-year-old mine started out with the opening of a shaft called “De Wendel” in 1901 and now ended with the closing down of the colliery in Hamm. Every year, approximately 1.5 million tons of high-priced coking coal were produced in this mine. In the past months, many employees already have taken over new functions within the departments of RAG Deutsche Steinkohle. On 1 October, the two remaining mining teams changed to the “Auguste Victoria” colliery in Marl and “Prosper-Haniel” colliery in Bottrop. Additionally, about 600 employees will change to other collieries from January to September 2011. 100 employees will continue to take care of the mine drainage facilities.

January 2009:

  • The Lippe mine in Gelsenkirchen shuts down. Germany now produces in five remaining coal mines:
    – Auguste Victoria (in Marl)
    – Ibbenbüren (in Ibbenbüren)
    – Ost (in Hamm, next one to be closed 2010)
    – Prosper-Haniel (in Bottrop)
    – Saar (in Ensdorf)
    – West (in Kamp-Lintfort)

July 2008:

  • The Walsum colliery in Duisburg shuts down.

June 2008:

  • The RAG Foundation sells 25.01 per cent of Evonik Industries AG for € 2.4 billion to CVC Capital Partners. Both shareholders aim for Evonik to go public.
  • The RAG Corporation’s Supervisory Board approves the new mining planning process until 2012 developed after the tremors in the Saar region and determines further mine closures. The Ost mine B in Hamm is to be closed down on 30 September 2010, the Saar mine on 1 July 2012. The shutdown of the West mine is planned for the turn of the year 2012/13.

 February 2008:

  • Due to coal mining, strong tremors occur in the Saar region that result in a temporary stop of mining operations.

 December 2007:

  • The Steinkohlefinanzierungsgesetz (Hard Coal Mining Financing Law) comes into effect. It regulates the socially acceptable phasing-out of subsidised coal mining in Germany by the year 2018. A revision clause stipulates that the German Bundestag will review the phase-out plans in respect of economic and energy-political aspects in 2012 at the latest.
  • The RAG Foundation and RAG Corporation sign a profit and loss agreement, as well as a controlling agreement.
  • The RAG corporation sells Evonik Industries AG to the RAG Foundation for an asset value of about € 1.2 billion; the RAG Foundation becomes owner of RAG’s “white sector“.

 November 2007:

  • The German Bundestag passes the Steinkohlefinanzierungsgesetz (Hard Coal Mining Financing Law) on 8 November 2007.

 August 2007:

  • On 7 August 2007, E.ON AG, RWE AG, Société Nouvelle Sidéchar and ThyssenKrupp AG sell their RAG Corporation shares to the RAG Foundation for € 1 each.
  • On 10 August 2007, the Federal Government adopts the draft of the Steinkohlefinanzierungsgesetz (Hard Coal Mining Financing Law).
  • On 14 August 2007, in order to guarantee the financing of the long-term liabilities, the affected states of North Rhine-Westphalia and Saarland and the RAG Foundation sign the Legacy Agreement to take over RAG Corporation’s long-term liabilities of coal mining.

June/July 2007:

  • On 26 June 2007, at RAG Corporation’s instigation, the RAG Foundation is established in agreement with the Federal Government, the mining states of North Rhine-Westphalia and Saarland, and the Industrial Union for Mining, Chemistry and Energy (IG BCE).
  • The Foundation’s Board of Executives takes up its work.
  • The regional administration of Düsseldorf acknowledges the establishment of the RAG Foundation on 10 June 2007.

7 February 2007:

The Federal Government, the states of North Rhine-Westphalia and Saarland, as well as the RAG Corporation and the Industrial Union for Mining, Chemistry and Energy agree in a so-called letter of intent to end subsidised coal mining in Germany by 2018 in a socially acceptable way. This agreement provides a verification of the termination of subsidised coal mining by the German Bundestag in the year 2012.