Income of Polish coal mines falls by PLN 600m

APA - Austria Presse Agentur
opublikowano: 06-10-2005, 18:31

Poland: Warsaw (Puls Biznesu) – In the first eight months of this year, the Polish mining industry had PLN 793.5m (EUR 201.5m) of net income, down from PLN 1.4 billion in the same period of last year. Sales were at the same level and amounted to PLN 13.4 billion. Coal exploration decreased nearly 1.3m tonnes and amounted to 64.1m tonnes in the January-August period.

Poland: Warsaw (Puls Biznesu) – In the first eight months of this year, the Polish mining industry had PLN 793.5m (EUR 201.5m) of net income, down from PLN 1.4 billion in the same period of last year. Sales were at the same level and amounted to PLN 13.4 billion. Coal exploration decreased nearly 1.3m tonnes and amounted to 64.1m tonnes in the January-August period. Inventories rose drastically from 2m tonnes to 5.8m tonnes. On the other hand, mines debts fell from PLN 6.1 billion to PLN 3.9 billion.

Every year, the industry notes price and sales decreases but this year, another important element appeared: Zdzieszowice coke plant owned by Mittal Steel Poland withheld acquisition of coal from JSW coal company. It was due to the PHS privatisation, which was not well thought through, Wieslaw Blaschke, the head of Energy Fuel Market Research and Economics in PAN institute commented.

Since January, coke coal exploration has fallen by 13.8 percent, so have its prices (from 20-50 percent). At the end of August, mines have sold 59.3m tonnes of this coal, or 3.7m tonnes fewer than last year. Exports fell by over 8 percent. Indonesian coal is competing with the Polish product.(PLN 1 = EUR 0.254)

Poland/Enterprises/Metals and Mining

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Podpis: APA - Austria Presse Agentur

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