Bogdanka to lay-off 400 people this year

WSE-listed Lubelski Węgiel Bogdanka will reduce employment by 400 by the end of the year, the mining company announced on Friday. It also might cut investment expenditures in years 2016-2020 by PLN 250 million per year.  Bogdanka has been undergoing restructurization due to unfavorable market conditions. By the end of April, Lublin-based Bogdanka was mulling dismissing 350 people this year. As of the end of the first quarter, the mining company was hiring 4,881 employees. If the financial situation of the company will continue to get worse, Bogdanka will reduce its yearly investment expenditures by PLN 250 million, to PLN 360 million. LW Bogdanka produces 16.6 percent of coal for the Polish power market.