RESULTS AFTER 3 QUARTERS: PRICES&COSTS

Average price of hard coal in the first 9 months of 2015 was 5.8% lower than in the same period YOY and decreased to a level of 262.46 PLN/Mt (278.58 PLN/Mt in 2014). Price for steam coal fell by 7.2% and price for coking coal decreased by 4.3%. The prices were even lower when the coal was dedicated for export: 198.11 PLN/Mt for steam coal and 361.17 PLN/Mt for coking coal. In general, price of coal exported was lower by 9% than the coal sold to domestic consumers.

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In the analyzed period, cost of production was in total 13% higher than the price on the market, which means that each ton was sold with a loss of 34.42 PLN. Polish mines performance was improved in September, when although the prices were at a level of 255.19 PLN/Mt, but the cost of production decreased to 277.177 PLN/Mt (the loss dropped to 21.98 PLN/Mt).

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