JSW finalizes coal mine takeover

Coking coal producer Jastrzębska Spółka Węglowa (JSW) has signed the final agreement to acquire coal mine KWK Knurów Szczygłowice from sector giant Kompania Węglowa (KW). The deal value is PLN 1.49 billion. The initial takeover agreement was signed in April this year. JSW will finance the purchase with the help of a bond issue. “We have been interested in the Knurów-Szczygłowice mine for many years,” JSW’s chief executive Jarosław Zagórowski was quoted as saying in the company’s press release. KWK Knurów-Szczygłowice extracts about 3.8 million metric tons of coal annually, 38 percent of which is coking coal. For KW, the sale of the coal mine is part of a cost-cutting and restructuring process.