Government digs deep to fund major coal restructuring

Half of this boost will be transferred in to KW's bank accounts, while the remainder will be in the form of shares. The financial foundations are part of the governmental plan to restructure the mining sector, which envisages total support to KW amounting to zł.900 million. "We hope to receive roughly zł.200 million in cash. Money will be designated for repaying the debts of the mines which we had taken over," said Maksymilian Klank, president of Kompania Węglowa. He went on to say that it has not been decided yet from which companies the shares will be transferred to his company. The firm is executing a strategy accepted in February this year, which envisages among other aims a major turnaround in coal extraction. By 2009 it is hoped that output of coking coal will increase from 3.2 million tonnes to 4.9 million tonnes. (Puls Biznesu, pp. 1, 5) M.M.