PIR may help Węglokoks take over mines

State-owned investment vehicle Polskie Inwestycje Rozwojowe (PIR) may be involved in the financing of the takeover of coal mines by Węglokoks from troubled Kompania Węglowa, Deputy Treasury Minister Wojciech Kowalczyk was quoted as saying by the Polish Press Agency. This will be possible provided that there is “business sense” in the acquisition, Kowalczyk said at a press conference on Wednesday. At the end of October, coal exporter Węglokoks said that it would buy four or five coal mines from Kompania Węglowa by the end of 2014. The deal is part of a rescue plan for the troubled coal mining group. Kowalczyk also said that PIR would be involved in projects worth PLN 10 billion in 2015, providing some PLN 2-3 billion in financing.