PRAGUE, March 26 - Energy holding New World Resources (NWR), Central Europe's sole listed coal miner, announced Wednesday it will not go ahead with the proposed acquisition of a 24.99% stake in Ukrainian iron ore and pellet producer Ferrexpo.

NWR, listed in London, Warsaw and Prague, said its board had reviewed its decision of October 2008 to accept the offer made to it by RPG Industries SE (RPGI) to acquire its shareholding of approximately 24.99% in Ferrexpo, citing "the current challenging environment for the steel and coal sectors and continuing low visibility regarding the global economic conditions for the remainder of 2009."