Bogdanka coal mine to raise PLN 600m (EUR 167.4m) on the WSE

MG
opublikowano: 19-02-2008, 17:14

 The coal mine from Lublin plans to  invest PLN 1bn in new fields. The company will also employ 1,000 miners. Investments are to be financed with the funds raised on the stock exchange.

 

Miroslaw Taras, the new CEO of Bogdanka, will lead the company onto the Warsaw Stock Exchange as the IPO is planned by the ministry of the treasury.

“We hope to issue shares and raise PLN 300-600m”, Grzegorz Gawronski from LWB said.

The ministry of the treasury, which owns 96 percent of Bogdanka, is supposed to make decision concerning details of the privatization. It will keep over 50 percent stake. Employees are supposed to get 15 percent. Funds raised in the IPO will be spent to invest in new fields.

 

A new field is being launched already. This year, the company will have spent PLN 250m for this project. Further PLN 300m will be spent next year. All in all, the mine will invest PLN 1.1bn and in 2014, it will produce 10m tons of energetic coal, up from 5.2m tons today. An average mine produces 2-3m tons of coal annually.

 

Thanks to the projects, 1,000 miners will be additionally employed and the company will employ 4,600 people. Because of investments and growing costs, the mine forecasts PLN 66m of net income this year, or PLN 20m less than last year.

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Podpis: MG

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