JSW cuts down investment plans

Coal mining group Jastrzębska Spółka Węglowa (JSW) will cut down its capex for next year from PLN 1.8 billion to PLN 1.4 billion, the company’s CEO Jarosław Zagórowski was quoted as saying by the Polish Press Agency. JSW’s capital expenditures for 2015 had originally been set at PLN 2.2 billion and they have already been lowered once. Zagórowski added that the capex figures do not include investment spending related to the Knurów-Szczygłowice mine, which JSW is buying from troubled peer Kompania Węglowa. JSW still has to pay two installments, worth some PLN 330 million, for the mine. The deal, worth PLN 1.49 billion in total, should be completed by the end of November, the CEO said.