POLISH COAL MARKET MIDWEEK SUMMARY 33/2016

Aversion to private investors in Ministry of Energy (ME)? In Autumn we’ve heard that Australian Balamara wanted to purchase Makoszowy mine, which is still generating loss in Mines Restructuring Company (SRK), but the whole plan just dispersed in the media. Later, the same ministry was not too favorable to sell Brzeszcze to private Synthos, which wanted to take it over when no one else did. Currently, ME is looking for an investor for Polski Holding Weglowy, but only among state-owned entities. Yesterday we’ve learned that in 2015 German HMS Bergbau, through its Polish company Silesian Coal wanted to acquire or at least lease some of Krupinski mine infrastructure, but the deal was blocked by JSW’s CEO. Instead of being really restructured, now the mine will be moved to SRK.

Czech OKD, which just got 700m CZK of public aid on a condition, that it will shut all coal mining operation by 2023 still owes 73m PLN to AWT, freight company owned by PKP Cargo. AWT was bought by Polish company in 2015 for 103m EUR with plans to take over Czech rail market, but with recent announcement of OKD bankruptcy, the strategy will surely be changed. Producing 8m Mt of coal per year, Ostravsko-karvinské doly employs also 1200 Polish miners, who will have to look for another job real soon.

The word is, that HMS Bergbau made they offer only to embrace miners from Krupinski and later move them to Orzesze. Would they be interested to employ fired Polish miners from OKD?

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