CHRISTMAS GIFTS IN THE MINING INDUSTRY

Tauron’s new CEO Remigiusz Nowakowski decided, that despite the fact that Tauron Wydobycie is one of the least profitable elements of the Group (108m PLN loss after first 3 quarters 2015), employees from Janina and Sobieski mines will get raises in 2016.

More Xmas presents coming from the government, which decided to keep in the 2016 budget 900m PLN for hard coal mining industry restructure, allocated there by PO in September. Wasn’t enough then and most probably won’t be enough now, but a big spender has now even more to spend so lets just be thankful that this amount was not decreased.

Another gift from Beata Szydło’s cabinet is of rather questionable kindness. Polish parliament decided to prolong the period for public aid provided by Hard Coal Mining Act until 2018, which will allow further moving unprofitable mines to Mines Restructure Company (SRK). On one hand it is the only way for the ME/MSP to remain involved in establishing NKW and later help also JSW and KHW, on the other some miners probably are already dread by the idea of restructure carried out by SRK.

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