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The Warsaw Voice » Business » June 3, 2014
Business & Economy
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In Brief
June 3, 2014   
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GDP to Grow 3.3%: Finance Ministry
Under the government’s 2015 budget targets, Poland’s GDP is expected to grow 3.3 percent in 2014, followed by 3.8 percent in 2015, and 4.3 percent in both 2015 and 2016. According to the Finance Ministry, faster economic growth will be accompanied by a drop in unemployment to 9.8 percent this year and 9.3 percent next year. Inflation will remain low, the ministry says, and run at 1.2 percent in 2014 and 2.3 percent in 2015. Wages are expected to increase 3.8 percent this year and 4.7 percent next year on average. In subsequent years, the Finance Ministry predicts that the average wage will rise by more than 5 percent.

KGHM in Chile...
At the end of June, Polish copper giant KGHM will begin full-scale production of copper and molybdenum concentrate in an open-cast mine that it owns in the Sierra Gorda area in Chile. After two years of preparations, sulfide ore extraction has been in progress in the mine for two months now, and at the end of June an ore enrichment plant will be launched.

The Sierra Gorda mine is the fourth-largest open-cast mine in the world and marks the biggest project currently being conducted by a Polish company abroad.

...and PKN Orlen in Canada
TriOil Resources, a company controlled by Poland’s largest oil company, PKN Orlen, has signed a deal to acquire 100 percent of Birchill Exploration Limited Partnership, which drills for and extracts oil and gas in the Canadian province of Alberta. PKN Orlen, based in the central Polish city of Płock, has yet to secure approval for this acquisition from institutions including the Canadian Competition Bureau, the local antimonopoly authority.

The acquisition of Birchill Exploration will be the second such undertaking by PKN Orlen in Canada. At the end of last year, Orlen acquired 100 percent of TriOil Resources for 183.7 million Canadian dollars.
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