Small Scottish firm makes bid for Silesia mine

However, as the asking price of zł.111.5 million attracted only one bid according to Puls Biznesu, the bidder's identity is already known. The paper claims that the Scottish Gibson Group International is behind the bid, with the Glasgow-based firm paying a guarantee of zł.4 million, and offering much more for the mine than the asking price. The Silesia mine is the second largest domestic coal mine, its deposit is rated at 500 million tons and is expected to last for upwards of 20 years. The Gibson Group plans to invest between zł.100 and 150 million in the mine, however, it is unclear whether the company can afford the expense. The share capital of the Group is GBP100 (around zł.500), according to financial reports it posted a loss of zł.430,000 at the end of 2006, and has assets worth zł.170,000. Representatives of the Group claim it has the required amount in the bank. (Puls Biznesu, p. 8) A.K.