Polish mines extract less coal, still losing money

According to Poland’s Ministry of Economy, Polish mines extracted 29 million metric tons of coal in the first five months of 2014 which is 6 percent less than in 2013 year-on-year. Despite curbing extraction, the whole sector posted a PLN 631 million loss during the same period. At the end of May, Polish mines had 8 million tons of unsold coal. Overall in the first 5 months of the year, Poland imported nearly 5 million tons of coal, of which 68 percent came from Russia. According to the ministry, the current negative situation in the sector is because of the low prices of the mineral on the European market. Currently, a ton of coal in Amsterdam costs $75, lowest in three years.