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Poland to invest half billion to restructure mining group

Kompania Weglowa to be liquidated

07 January, 19:41

(ANSA) - TRIESTE - Poland will invest 2,3 bln zloty (530 mln euros) in 2015-16 for restructuring the state owned coal mining group Kompania Weglowa, Prime Minister Ewa Kopacz announced at a press conference.

"This process will lead to consolidation of the energy sector with our mining industry," Kopacz said as cited by PAP agency.

Poland will spend 1.4 bln zloty (0,32 bln euros) in 2015 and additional 0.9 bln (0,2 bln euros) in 2016 for Kompania's 14 mines, the Economy Ministry specified in a note.

The restructuring plan foresees the liquidation Kompania Weglowa and the division of its assets between 9 viable mines under a new company to be controlled by the state-owned coal trader Weglokoks. Energy sector firms will be able to join the shareholder list, the Ministry said. The plan envisions moving 6000 miners from the 5 unviable mines set for closure to other assets. (ANSA).

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