JSW to seek long-term financing to be ready for the drop in coking coal prices

WSE-listed coal miner JSW is working on securing long-term financing to prepare the company for a downturn on the coking coal market but sees no risk for prices short-term, CEO Daniel Ozon said. “We want to protect ourselves against the volatility of coking coal prices, thus the stabilization fund and works on obtaining long-term financing,” he explained. "The cash levels are not yet in the comfort zone which would keep the company safe without refinancing. We do not assume that prices will be halved during the next 6 months, but we see potential risks that can put a lot of pressure on the price if they come together. we do not see two of these risks,” Ozon explained. One of JSW's goals for 2018 is to obtain long-term financing and build an optimal financing structure. The company wants to refinance the debt and raise additional resources for the development of the resource base. It is working on bonds issue on the US market and obtaining financing on the domestic market.