POLISH COAL MARKET MIDWEEK SUMMARY 41/2016

Despite given ultimatum, Sosnica mine will be moved to SRK for liquidation, along with KWK Halemba. Polska Grupa Gornicza denied all the rumors, but good top-class sources confirm that is the case. Unions are furious, but so far their anger is focused mainly on the journalist who published these news.

Same journalist might soon be under attack from Katowicki Holding Weglowy, as she wrote that KHW will need much more money than the 700m PLN that was predicted to be transferred into Polski Holding Weglowy by Enea, Weglokoks and TF Silesia. Apparently one of the banks will demand to pay off the bonds, and if that won’t work, they will petition for formal bankruptcy.

This time out of speculation and rumours, Jastrzebska Spolka Weglowa’s CEO Krzysztof Mysiak resigned from his position. Good timing, right before possible strikes and turmoils around Krupinski mine.

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