Coal exports fall down

MG
27-07-2007, 13:42

Warsaw (Puls Biznesu) – Problems with coal production caused a decrease of the Polish exports. Weglokoks coal exporter revises down its plans.

 

Polish mines have problems with coal production while some kinds of the coal produced by them is not good enough to be sold easily. That’s why Poland’s biggest coal exporter, Weglokoks, has problems. Piotr Koziol, who has been Weglokoks CEO since June, estimates that in the first half of the year, his company exported 5m tons of coal.

“Exports were 3.9m tons lower than in the same period of last year, sea deliveries dived”, Piotr Koziol explained.

The company’s revised plans for this year’s exports provide for 11m tons of coal. In previous years, Weglokoks used to export 18-20m tons of coal annually.

“Several years ago I kept repeating that there will be too little coal in Poland unless we invest in new fields but no one listened to me at that time”, Jerzy Markowski, the former deputy minister of economy at the previous government responsible for the mining industry, said.

 

Weglokoks lacks coal for exports while its prices are growing worldwide.

“Polish coal producers cannot make money today because their offer is limited”, Piotr Koziol believed.

The price increase is caused by limited offer from Australia whose ports have reached their full capacity, small offer from Russia and increased imports to India and China.

 

Despite problems, Weglokoks had PLN 64m (EUR 16.8m) of gross income and PLN 51m of net income in the first half of the year. The company plans to raise PLN 75m of net income this year. Weglokoks is controlled by the state. In the years 2004-06, it paid out PLN 180.9m of dividend to the state budget.

(PLN 1 = EUR 0.262)

 

 

 

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