Government to divide Kompania Węglowa
16:48
Assets of Kompania Węglowa (KW), the biggest Polish mining company will be divided into three groups, according to the government’s rescue plan for the struggling sector.
Under the plan, KW will be divided. The most profitable nine mines will be transferred into a SPV established by Węglokoks, four others will be incorporated into Spółka Restrukturyzacji Kopalń in order to shut them down. The rest of the assets is to be sold or liquidate, the government informed.
Government explained that, “in this way, there will a new solid entity established on the foundations of be nine mines, capable of effective competing on the European coal market. According to Ministry of Economy, some external investors are interested in the new company and there have been talks ongoing already.
Poland expects the costs of restructuring its ailing coal mining industry to be PLN 2.3 billion over the course of the next two years.
