Prairie Mining gets cash injection

The shareholders at WSE-listed Prairie Mining Ltd agreed to boost the company with additional $83 million from CD Capital private equity fund, a press release read. The funds will support the project of constructing a coal mine in Lubelskie voivodship. A few months ago, PD Co, owned by Australian Prairie Mining launched arrangements to construct a mine in the neighborhood of the Bogdanka plant (Lubelskie voivodship). PD Co is going to extract 6 million metric tons of coal, half of it would account for coking coal and the other half for energetic coal.The value of the project is estimated to be PLN 2.5 billion. The Australian investor expects to obtain an exploring license within months, so the construction would start in 2018. Prairie Mining debuted on the Warsaw bourse in early September, becoming the first ever Australian company listed on the WSE. The value of the offer amounts to PLN 11.9 million.