POLISH COAL MARKET MIDWEEK SUMMARY 37/2015

Katowicki Holding Węglowy reduced employment in the first half of 2015 by almost 10%, mainly in the mines (1,409 people; comparing to 30 people fired from the management office and other departments). Reduction is caused by the programme introduced at the beginning of the year, where KHW announced employment reduction by 2,000 jobs between 2015-2016. Employees that kept their jobs does not have any reasons to celebrate though: company has major troubles guaranteeing paying salaries on time. If KHW would not manage to sell its heat&power plant ZEC Katowice, until the end of 2015 payments might be frozen.

Also JSW’s troubles continues. Three weeks ago polishcoaldaily reported that Jastrzębska Spółka Węglowa might have big financial problems with ING calling for bonds redemption. Yesterday Dutch bank reminded them again about its demands. Shortly after Robert Kozłowski, vice-president responsible for financial issues in JSW decided to follow Edward Szlęk and resigned from the position. JSW’s stocks dropped by almost 10%.

On the other side of the “coal-food chain”, the stocks of energy groups increased significantly after Ministry of Treasury announced that NKW’s project will be financed entirely by Węglokoks, TF Silesia and FIPP. Yesterday PGE’s stocks soared by 4.21%, Enea’s by 4.06% and Tauron’s by 4.4%.

Speaking about Warsaw Stock Exchange: the main protagonist of two-part story about Australian companies declaring involvement in Polish coal production sector – Prairie Mining Limited had its debut on WSE on Friday.

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