POLISH COAL MARKET MIDWEEK SUMMARY 45/2015

Kompania Węglowa still hasn’t reached any agreement with the banks and other financial institutions. For quite some time now KW is trying to get financing for 700 million PLN to secure the main operations until Q2 2016. Recently the company managed to reduce the costs of production from 300 to 240 PLN/Mt.

New CEO of Tauron Jerzy Kurella plans to spend 200 million PLN on his new purchase – KWK Brzeszcze. The investment in recently one of the worst KW’s mines is suppose to make the facility profitable by the H2 2017. Kurella did not mentioned if Tauron already counted in this amount 80 million PLN that his company would have to give back to Mines Restructuring Company (SRK) to avoid EU prosecution against Polish State’s Treasury for illegal public aid.

Przemysław Walczak, V-ce President of the Management Board responsible for the workforce in Kompania Węglowa decided to follow his boss Krzysztof Sędzikowski and on Friday submitted his resignation from the position.

District Prosecutor’s Office in Katowice decided to initiate an investigation to check if the government led by Ewa Kopacz overstepped his authorities and acted in detriment of public interest in connection with the agreement made with the labor unions in January. The case was filed during the election campaign by Grzegorz Długi, member of Kukiz’15 movement. Prosecutor’s Office decided to look closer to this case… two days after PO lost the election and Długi became a MP.

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