KW's new strategy envisages investments of zł.6.5 billion

The report will be presented to company's supervisory board today. "The KW management board took into account comments from the supervisory board and thus we intend to approve the strategy during the Monday session," said Edward Nowak, head of the supervisory board. The plan envisages investments of zł.6.5 billion to modernize mines and equipment and to acquire new deposits. However, the firm faces serious financial difficulties so it might have problems with financing the activities. "Part [of the necessary amount] will be produced by the company, roughly zł.200 million will be obtained from the budget (for so-called start-up investments). Some zł.500 million will be raised by issuing bonds [by the end of 2008]," said Edward Nowak. By 2015 the firm will cut employment from 64,000 to 50,000 and coal extraction from 50 million tones to 44 million tones annually. (Puls Biznesu, pp. 1, 8) M.M.