PGG with PLN 2.5 bln CAPEX

State-owned miner Polska Grupa Górnicza PGG plans to spend PLN 2.5 billion this year on investments, with half of the funds being earmarked for launching 50 new mining walls, the company announced. “Today the situation of the company is stable, the company does not generate losses, on the contrary, it generates cash,” CEO Tomasz Rogala said. PGG is not looking to secure any new financing from its owners, which include state-owned power groups Energa, Enea, PGE, as well as gas giant PGNiG. Besides new mining walls, the investment outlays include completion of the construction of a new mine shaft at Murcki-Staszic mine (PLN 390 million) and delivery of powered roof support to the mines (PLN 264.5 million). In 2017, the company’s CAPEX stood at PLN 1.8 billion.