Tauron to inject cash in Brzeszcze against shareholder's view on share issue

Tauron Polska Energia will invest some PLN 250 million in Brzeszcze mine despite the group's shareholders' decision on the share issue, in order to increase the company's equity capital,  Tauron CEO Jerzy Kurella told the media. "This level of investment will be implemented, regardless of whether the issue takes place," Kurella pointed out. Tauron reckons to gain returns from its investment in seven years. In 2016 alone, the new owner plans to boost Brzeszcze with PLN 133 million. Consequently, Tauron's expenditures will amount to over PLN 79 million in 2017 and to PLN 35 million in 2018. Kurella estimates that in the second half of 2017, the mine should record a "plus zero" result. Brzeszcze will be acquired by Nowe Brzeszcze Grupa Tauron, which is to be included in Tauron Wydobycie. On October 19, Tauron reached a preliminary deal with Poland's mining restructuring vehicle, Spółka Restrukturyzacji Kopalń (SRK).