Instability in Iraq puts Ciech plans to rebuild sulphur mine on hold

The chemical giant Ciech is postponing rebuilding and exploitation of a sulphur mine in the Iraqi town of Misztar. Ciech presented its offer to the Iraqis over two months ago and according to the company's representatives was welcomed with interest. However, due to the instability in Iraq Ciech cannot progress with the project. "At the moment it is not even possible to estimate the outlays necessary for the mine to function again. Nobody will dare go to that region. However, we estimate that we will need from $50 to $120 million for this purpose," said the head of the Ciech's sales office Zdzisław Dzideczek. The rebuilding of the mine is to be financed by the Iraqi government while Ciech and its partners would earn on the sulphur exploitation and trade. Sulphur amounts to 5.1% of the Ciech's turnover but the representatives of the company refuse to reveal how much Ciech could earn on the Iraqi contract. (Puls Biznesu, p.5) E.B.