Sołowow: Brzeszcze needs huge cash injection

Michał Sołowow, the owner at FTF Columbus which has recently been involved in a joint venture with Tauron in order to bid for Brzeszcze, said the investment needs of the mine reach some PLN 280 million. According to Sołowow, the special purpose vehicle RSG which consists of FTF Columbus and Tauron among others, will invest some PLN 210 million in the troubled mine. He estimated that Brzeszcze may also be boosted with PLN 70 million, which accounts for 30 percent of the company's equity. Meanwhile, another bidder for Brzeszcze, Węglokoks has withdrawn its offer, consequently RSG became the only entity interested in the acquisition of so called operational part of the mine.